---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-082221"
form_type: "8-K"
ticker: "DVN"
cik: "0001090012"
company_name: "DEVON ENERGY CORP/DE"
filed_at: "2023-03-28T23:59:59+00:00"
generated_at: "2026-06-17T11:45:48.421774+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.4
calibrated_materiality_score: 0.4
confidence: "high"
source: SEC EDGAR
---

# Devon Energy enters $3B revolving credit facility with 2028 maturity

## Summary
- Replaces prior $2.75B facility; new $3B commitment subject to $750M increase.
- Matures March 24, 2028; three one-year extensions available with lender consent.
- Covenant: ratio of funded debt to total capitalization not to exceed 65%.
- Pricing grid uses debt ratings; e.g., Level III (BBB/Baa2) pays 125 bps over Term SOFR.
- Sub-limits: $300M for letters of credit, $50M for swing line loans.

## SEC filing metadata
- accession: 0001193125-23-082221
- form_type: 8-K
- ticker: DVN
- cik: 0001090012
- company_name: DEVON ENERGY CORP/DE
- filed_at: 2023-03-28T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.4
- calibrated_materiality_score: 0.4
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1090012/000119312523082221/0001193125-23-082221-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1090012/000119312523082221/d480970d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-082221
- JSON: https://secwatch.observer/filing/0001193125-23-082221.json
- Plain text: https://secwatch.observer/filing/0001193125-23-082221.txt

## Key facts
- Debt Financings
  DEVON ENERGY CORP/DE incurred revolving credit of $3.0 billion with Bank of America, N.A. maturing March 24, 2028.
  - Instrument: revolving credit
  - Principal: $3.0 billion
  - Counterparty: Bank of America, N.A.
  - Maturity: March 24, 2028
  - Event: incurrence
  source text: On March 24, 2023, Devon Energy Corporation (the “Company”) entered into an amended and restated credit agreement (the “Credit Agreement”) among the Company, as the borrower, each lender from time to time party thereto (collectively, the “Lenders”), each letter of credit issuer from time to time party thereto and Bank of America, N.A., as administrative agent and swing line lender, providing for a $3.0 billion revolving credit facility.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1090012/000119312523082221/0001193125-23-082221-index.htm
- Material Agreements
  DEVON ENERGY CORP/DE amended Credit Agreement with Bank of America, N.A. valued at $3.0 billion (effective 2023-03-24).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Bank of America, N.A.
  - Value: $3.0 billion
  - Effective: 2023-03-24
  source text: On March 24, 2023, Devon Energy Corporation (the “Company”) entered into an amended and restated credit agreement (the “Credit Agreement”) among the Company, as the borrower, each lender from time to time party thereto (collectively, the “Lenders”), each letter of credit issuer from time to time party thereto and Bank of America, N.A., as administrative agent and swing line lender, providing for a $3.0 billion revolving credit facility.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1090012/000119312523082221/0001193125-23-082221-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.