Devon extends deadline for Coterra note exchange offers

Devon Energy Corporation (NYSE: DVN) announced that it has extended the deadline for eligible holders to tender Coterra Energy notes and receive total exchange consideration until the expiration date of June 23, 2026.

As of June 5, 2026, Devon reported substantial participation in its exchange offers for Coterra Energy notes. The highest participation rate was 97.78% for the 5.90% Senior Notes due 2055, with $733.3 million of the $750 million outstanding tendered. The 5.60% Senior Notes due 2034 saw 93.01% participation with $465.1 million of $500 million tendered.

The exchange offers allow holders to swap existing Coterra notes for new Devon notes with identical terms plus $1 cash per $1,000 principal amount. Coterra received the required consents to adopt proposed amendments to the indentures governing five series of the existing notes.

Devon stated that consideration paid for notes tendered before and after the early tender date will be the same. Tendered notes may no longer be withdrawn, and payment is expected within two business days after the June 23 expiration date.

The offers are limited to qualified institutional buyers in the United States and eligible non-U.S. persons outside the United States. Canadian holders must complete additional eligibility requirements.

The new Devon notes have not been registered with the Securities and Exchange Commission. Devon expects to enter into a registration rights agreement requiring it to file a registration statement for exchange notes within 450 days of settlement.

You May Also Be Interested In

• SPS Commerce hires Morgan Stanley, explores sale - Reuters
• Sonos partners with Škoda for audio system in new Peaq EV
• UK’s EG Group reportedly files for US IPO worth about $1 billion