Devon Energy enters into $2 billion delayed draw term loan credit agreement for Grayson Mill acquisition

DEVON ENERGY CORP/DE

Entered into credit agreement on Aug 12, 2024, providing up to $2 billion in delayed draw term loans.
Includes a 364-day tranche of up to $500 million and a two-year tranche of up to $1.5 billion.
Loan proceeds will fund a portion of cash consideration for the acquisition of Grayson Mill Intermediate HoldCo II and III.
Bank of America, N.A. serves as administrative agent with multiple syndication agents.
Borrower must maintain a funded debt to total capitalization ratio no greater than 65%.

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