Devon Energy announced the final results of its private exchange offers and consent solicitations for outstanding notes issued by its subsidiary Coterra Energy. As of the June 23 expiration, holders tendered a substantial majority of each series, with participation rates ranging from about 66% to 98% of the aggregate principal amounts outstanding. In exchange, Devon will issue new Devon notes totaling approximately $2.95 billion across the seven series, with settlement expected on or about June 25, 2026. The offers were limited to eligible holders, including qualified institutional buyers in the U.S. and certain non-U.S. persons, and the new notes will be general unsecured obligations of Devon ranking equally with its other unsubordinated debt.
Devon Energy CorporationDevon Energy completed exchange offers for Coterra notes, issuing new notes; impact on equity is neutral to slightly positive due to liability management, but no clear directional signal.