debt
confidence high
sentiment neutral
materiality 0.60
Devon completes $2.94B debt exchange, issues new notes at 3.9%-5.9% across 5 series
DEVON ENERGY CORP/DE
- Settled exchange of ~$2.94B aggregate principal of existing Coterra notes for new Devon notes plus cash on June 25, 2026.
- Issued $627M 3.9% notes due 2027, $448M 4.375% notes due 2029, $466M 5.6% notes due 2034, $672M 5.4% notes due 2035, $734M 5.9% notes due 2055.
- New notes are unsecured and rank equally with Devon's other unsecured debt; remaining existing Coterra notes outstanding after settlement are ~$282M.
- Entered registration rights agreement with Wells Fargo, BofA, Citi; must use commercially reasonable efforts to file exchange offer registration statement within 450 days.
- Devon may pay up to 1% additional interest on new notes if exchange registration not completed within 450 days.