Loan & DebtMay 22, 2026, 09:41 AM
Devon Energy Launches Exchange Offer for Coterra Notes
AI Summary
Devon Energy announced the commencement of exchange offers for any and all outstanding notes issued by Coterra Energy, following the completed merger where Coterra became a wholly owned subsidiary of Devon. Eligible Holders can exchange their Existing Coterra Notes for new Devon Notes and cash. Concurrently, Coterra is soliciting consents to amend the indentures governing most of the Existing Coterra Notes. The Early Tender Date for the offers is June 5, 2026, and the Expiration Date is June 23, 2026.
Key Highlights
- Devon Energy commenced exchange offers for Coterra Energy's outstanding notes.
- Existing Coterra Notes will be exchanged for new Devon Notes and cash.
- Approximately $3.25 billion in Coterra notes are targeted for exchange.
- The Early Tender Date is June 5, 2026, at 5:00 p.m. New York City time.
- The Expiration Date is June 23, 2026, at 5:00 p.m. New York City time.
- Coterra is soliciting consents to amend indentures for most Existing Coterra Notes.
- New Devon Notes are not registered with the SEC under the Securities Act.
Price Impact
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