Loan & DebtJun 25, 2026, 04:37 PM
Devon Energy Completes Exchange Offers for Coterra Notes
AI Summary
Devon Energy Corporation completed the settlement of its previously announced private exchange offers for outstanding notes issued by its subsidiary, Coterra Energy Inc. Approximately $2.95 billion aggregate principal amount of Existing Coterra Notes were tendered, accepted, and retired. In connection with the settlement, Devon issued new unsecured notes totaling $2.95 billion aggregate principal amount, which will rank equally with its other unsecured and unsubordinated debt obligations.
Key Highlights
- Devon Energy completed settlement of existing Coterra Notes via exchange offers.
- Approximately $2.95 billion aggregate principal amount of Coterra Notes were tendered and accepted.
- Devon issued new notes totaling $2.95 billion aggregate principal amount.
- New Devon 2027 Notes issued: $627.099 million at 3.90% interest.
- New Devon 2029 Notes issued: $447.554 million at 4.375% interest.
- New Devon 2055 Notes issued: $734.180 million at 5.90% interest.
- New Devon Notes are general unsecured obligations, ranking equally with other unsecured debt.
- Approximately $303.58 million aggregate principal amount of Coterra Notes remain outstanding.
Price Impact
More from DVN