Devon Energy refinanced Coterra Energy debt through private exchange offers, achieving 65% to 98% participation across note series.
Devon Energy Corporation (DVN) finalized private exchange offers to swap Coterra Energy notes for new Devon notes and cash, settling June 25. Participation rates ranged from 65% to nearly 98% across different note series, consolidating debt under Devon’s primary indenture.
The transaction targeted eligible institutional buyers in the U.S. and non-U.S. persons outside the country, excluding most Canadian holders. New notes rank equally with Devon’s existing unsecured debt, streamlining its capital structure.
The exchange aims to refinance a significant portion of Coterra’s debt, reducing complexity in Devon’s liabilities. No immediate market reaction was disclosed in the release.