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Devon Energy's Exchange Offers for Coterra Energy's Outstanding Notes Expire

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Devon Energy's (DVN) exchange offers for all outstanding notes issued by its Coterra Energy subsidiary expired Tuesday, the company said Wednesday.

Notes validly tendered to the offers included about 85.3% of $687.2 million of Coterra's 3.9% senior notes due 2027, 89.1% of $433.2 million 4.375% senior notes due 2029, and 93.2% of $500 million 5.6% senior notes due 2034, among others, Devon said.

The tendered notes will be exchanged with new notes issued by Devon and cash, on an agreed basis, and settlement is expected on or about Thursday, the company said.

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