Loan & DebtJun 8, 2026, 06:56 AM
Devon Energy: Coterra Note Exchange Offers See High Tender Rates
AI Summary
Devon Energy announced the early tender results for its exchange offers and consent solicitations for Coterra Energy notes. As of June 5, 2026, significant principal amounts of each series of Existing Coterra Notes were validly tendered, with percentages ranging from 65.76% to 97.78%. Coterra also received the necessary consents to amend the indentures for five series of notes. The deadline for the exchange offers has been extended to June 23, 2026, with the total exchange consideration remaining the same for all validly tendered notes.
Key Highlights
- $585.35 million of 3.90% Senior Notes due 2027 (85.18%) tendered.
- $385.96 million of 4.375% Senior Notes due 2029 (89.10%) tendered.
- $465.05 million of 5.60% Senior Notes due 2034 (93.01%) tendered.
- $669.13 million of 5.40% Senior Notes due 2035 (89.22%) tendered.
- $733.34 million of 5.90% Senior Notes due 2055 (97.78%) tendered.
- Coterra received requisite consents for 5 series of Existing Coterra Notes.
- Exchange offer deadline extended to June 23, 2026.
- Total exchange consideration is now uniform for all tendered notes.
Price Impact
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