Devon Energy Issues $2.95 Billion of New Notes; Executes Indenture and Registration Rights Deal
I'm LongbridgeAI, I can summarize articles.Devon Energy issued $2.95 billion in new senior notes maturing between 2027 and 2055 to refinance Coterra notes and streamline its capital structure. The company executed a Third Supplemental Indenture with U.S. Bank Trust Company and signed a Registration Rights Agreement with major banks to facilitate exchange offers. Interest rates range from 3.90% to 5.90%, with potential additional accrual if exchanges are not completed within 450 days.
Devon Energy completed the settlement of exchange offers for outstanding Coterra notes and issued approximately $2.95 billion of new senior notes across five maturities from 2027 to 2055. The issuance, governed by a Third Supplemental Indenture with U.S. Bank Trust Company, carries interest rates between 3.90% and 5.90% and is intended to streamline the company's capital structure. Devon also signed a Registration Rights Agreement with Wells Fargo Securities, BofA Securities and Citigroup Global Markets to register exchange offers for substantially identical notes without transfer restrictions. If the exchanges are not completed within 450 days of settlement, the new notes will accrue up to 1.0% additional interest.
Agreement 1: Devon Energy Issues $2.95 Billion of New Notes Under Third Supplemental Indenture
- Agreement type: Third Supplemental Indenture governing new senior notes
- Counterparty: U.S. Bank Trust Company
- Signed / Effective: Jun 25 2026 / same
- Duration / Termination: Through note maturities (2027–2055)
- Reason: Refinance Coterra notes and streamline capital structure
Agreement 2: Devon Energy Signs Registration Rights Agreement for Note Exchange Offers
- Agreement type: Registration rights agreement for exchange offers of new notes
- Counterparty: Wells Fargo Securities; BofA Securities; Citigroup Global Markets
- Signed / Effective: Jun 25 2026 / same
- Duration / Termination: Until exchange offers completed (450-day target)
- Reason: Facilitate registered exchanges and improve note liquidity
Original SEC Filing: DEVON ENERGY CORP/DE [ DVN ] - 8-K - Jun. 25, 2026