Loan & DebtJun 24, 2026, 06:56 AM
Devon Energy Announces Final Results of Coterra Notes Exchange Offers
AI Summary
Devon Energy announced the final results of its exchange offers for outstanding notes issued by its subsidiary, Coterra Energy Inc. Eligible holders tendered a significant portion of the existing Coterra notes in exchange for new Devon notes and cash. The settlement of these exchange offers is expected to occur on or about June 25, 2026.
Key Highlights
- Approximately $585.86M of 3.90% Senior Notes due 2027 tendered (85.25%).
- Approximately $385.96M of 4.375% Senior Notes due 2029 tendered (89.10%).
- Approximately $465.82M of 5.60% Senior Notes due 2034 tendered (93.16%).
- Approximately $671.69M of 5.40% Senior Notes due 2035 tendered (89.56%).
- Approximately $734.18M of 5.90% Senior Notes due 2055 tendered (97.89%).
- New Devon Notes will be unsecured and rank equally with other debt.
- Settlement of the exchange offers is expected on or about June 25, 2026.
Price Impact
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