Kirkland & Ellis counseled Diversified Energy Company PLC (LSE:DEC)(NYSE:DEC) on closing on an asset backed securitization (ABS) refinancing, creating the ABSVIII note. Diversified will use the proceeds from the transaction to repay the outstanding principal of the previously issued ABSIII and ABSV notes, retiring those notes from the company’s outstanding debt. The additional proceeds from the transaction will be used to reduce outstanding borrowings under the company’s revolving credit facility and for general corporate purposes.
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