Diversified Energy Co (DEC): debt financing — Diversified Energy closes $200M tap of 9.75% senior secured bonds due 2029

Diversified Energy Co

Issued $200M tap on $300M existing 9.75% senior secured bonds due April 9, 2029; total now $500M.
Semi-annual interest; early redemption subject to make-whole or declining premiums after April 2027.
Covenants: leverage ≤3.5x, asset coverage ≥1.2x, book equity ≥$500M, liquidity ≥25% of bonds.
Change-of-control trigger requires repurchase at 101% of principal.
Bonds guaranteed by Diversified Energy and secured by bank accounts, equity interests, and intercompany loans.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Diversified Energy Co incurred senior notes of $200 million principal amount with Nordic Trustee AS at 9.75% maturing April 9, 2029.

Instrument: senior notes
Principal: $200 million principal amount
Counterparty: Nordic Trustee AS
Rate: 9.75%
Maturity: April 9, 2029
Event: incurrence

Exact text from the filing

completed the previously announced tap-on offering of $200 million principal amount of 9.75% senior secured bonds due 2029

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Diversified Energy Co entered into Tap Issue Addendum with Nordic Trustee AS, as Bond trustee valued at $200 million (effective 2026-02-05).

Action: entry
Agreement: notes offering
Counterparty: Nordic Trustee AS, as Bond trustee
Value: $200 million
Effective: 2026-02-05

Exact text from the filing

On the Closing Date, the Tap Bonds were issued pursuant to a Tap Issue Addendum by and between DGOC and the Bond Trustee (“Tap Issue Addendum”).

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Diversified Energy Co filing history →

Source: SEC EDGAR

accession 0001922446-26-000014

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