Devon Energy Announces Pricing of Tender Offers
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The table below sets forth the Total Consideration for the Notes with the seven highest acceptance priority levels (the “Eligible Notes”) that will be accepted for purchase.
Title of |
CUSIP |
Principal |
Acceptance |
U.S. Treasury |
Bloomberg |
Fixed |
Early |
Total |
||||||||
8.250% notes due 2018(c) | 674812AK8 | $28,311,000 | 1 | 1.00% UST due 11/30/18 | FIT1 | +65 bps | $30 | $1,095.62 | ||||||||
2.250% notes due 2018(d) | 25179MAT0 | $110,452,000 | 2 | 1.00% UST due 11/30/18 | FIT1 | +65 bps | $30 | $1,006.85 | ||||||||
6.300% notes due 2019(d) | 25179MAH6 | $198,481,000 | 3 | 1.00% UST due 11/15/19 | FIT1 | +95 bps | $30 | $1,076.51 | ||||||||
7.500% notes due 2027(c) | 812007AE2 | $150,000,000 | 4 | 2.00% UST due 11/15/26 | FIT1 | +180 bps | $30 | $1,267.92 | ||||||||
7.875% debentures due 2031(e) | 25179SAD2 | $1,250,000,000 | 5 | 2.25% UST due 8/15/46 | FIT1 | +210 bps | $30 | $1,267.88 | ||||||||
7.950% debentures due 2032(d) | 251799AA0 | $1,000,000,000 | 6 | 2.25% UST due 8/15/46 | FIT1 | +225 bps | $30 | $1,263.83 | ||||||||
5.850% notes due 2025(d) | 25179MAV5 | $850,000,000 | 7 | 2.00% UST due 11/15/26 | FIT1 | +145 bps | $30 | $1,135.40 | ||||||||
4.000% notes due 2021(d) | 25179MAK9 | $500,000,000 | 8 | 1.75% UST due 11/30/21 | FIT1 | +125 bps | $30 | —(f) | ||||||||
5.600% notes due 2041(d) | 25179MAL7 | $1,250,000,000 | 9 | 2.25% UST due 8/15/46 | FIT1 | +235 bps | $30 | —(f) | ||||||||
3.250% notes due 2022(d) | 25179MAP8 | $1,000,000,000 | 10 | 1.75% UST due 11/30/21 | FIT1 | +150 bps | $30 | —(f) | ||||||||
(a) | The Total Consideration (as defined below) was calculated on the basis of pricing for the U.S. Treasury Reference Security as of 2:00 p.m., New York City time, on December 19, 2016, and includes the applicable Fixed Spread and Early Tender Payment set forth in the table above. | |
(b) | Per $1,000 principal amount. | |
(c) | Issuer: Devon OEI Operating, L.L.C. | |
(d) | Issuer: Devon Energy Corporation. | |
(e) | Issuer: Devon Financing Company, L.L.C. | |
(f) | Notes from such series will not be accepted for purchase by the Company. | |
The “Total Consideration” listed in the
table above for each
The Company will accept for purchase all of the Eligible Notes that have
been validly tendered and not validly withdrawn. Since the Total
Consideration payable with respect to such Eligible Notes will equal the
Aggregate Maximum Repurchase Amount, none of the tendered Notes from any
other series will be accepted for purchase pursuant to the Tender
Offers. Holders will also receive accrued and unpaid interest on the
Eligible Notes validly tendered and accepted for purchase from the last
interest payment date up to, but not including, the date the Company
makes payment for such Eligible Notes, which date is anticipated to be
The Tender Offers will expire at
Information Relating to the Tender Offers
This press release is for informational purposes only and is not an
offer to buy, or the solicitation of an offer to sell, any of the Notes,
and the Tender Offers do not constitute offers to buy or the
solicitation of offers to sell the Notes in any jurisdiction or in any
circumstances in which such offers or solicitations are unlawful. The
full details of the Tender Offers are included in the Offer to Purchase.
Holders of the Notes are strongly encouraged to read carefully the Offer
to Purchase, including materials incorporated by reference therein,
because it contains important information. The Offer to Purchase may be
obtained from
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the federal securities laws. Such statements are subject to a
number of assumptions, risks and uncertainties, many of which are beyond
the control of the Company. These risks include, but are not limited to,
the Company’s ability to complete any of the Tender Offers and reduce
its outstanding indebtedness and the other risks identified in the Offer
to Purchase, the Company’s Annual Report on Form 10-K and its other
filings with the
About Devon
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Source:
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Scott Coody, 405-552-4735
Chris
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John Porretto,
405-228-7506