Kirkland Advises Diversified Energy Company on Asset-Backed Securitization
Kirkland & Ellis advised Diversified Energy Company PLC (LSE:DEC; NYSE:DEC) on the closing of an asset backed securitization (ABS) refinancing, creating the ABS X note. Diversified will use the proceeds from the ABS transaction to consolidate and repay the outstanding principal of the previously issued ABS I, ABS II and Term Loan I, utilizing those assets plus additional Summit Natural Resources assets, which were acquired simultaneously with the ABS, as collateral in the new structure. The ABS transaction will also benefit from an improved hedging profile, creating enhanced margins and cash flows. Additional proceeds from this refinancing will be used to reduce outstanding borrowings and for general corporate purposes.
The Kirkland team worked hand-in-hand with Diversified’s Chief Legal Officer, Ben Sullivan.
Read Diversified’s press release
The Kirkland team included structured finance lawyers Rudgee Charles, Michael Urschel, Casper Howells, Wilson Carneiro, Brooke Brimo and Nicholas Rinehart; real asset transactions lawyers Rizwan Popatia, Chris Heasley and Rachel Miller; corporate lawyers John Kaercher, Abbey Zuech and Josh Raizner; debt finance lawyers Lucas Spivey, Michelle Williamson, Kirby Swartz, Chris Ooley and Katie Schneller; derivatives lawyer Brett Ackerman; tax lawyers David Wheat, Jon Nelsen and David Gilbert; investment funds lawyers Joe Lifsics, Christine Matott and Alec Bodendorfer; employee benefits lawyer Jack Bernstein; and international trade & national security lawyers Luci Hague and Erika Krum.
