8-KMaterial AgreementsFinancial EventsExhibits & Filings

DEVON ENERGY CORP/DE 8-K Report, Material Agreement (Jun 16, 2015)

Filed June 16, 2015For Securities:DVN

Summary

This Form 8-K filing by Devon Energy Corporation (DVN) on June 16, 2015, announces the successful closing of a public offering of $750 million in aggregate principal amount of 5.000% Senior Notes due 2045. The offering was conducted under the company's existing shelf registration statement. The notes are general obligations of the company and rank equally with existing and future unsecured and unsubordinated debt. This issuance represents a significant debt financing event for Devon Energy. The company entered into an underwriting agreement with Goldman, Sachs & Co. and J.P. Morgan Securities LLC on June 11, 2015. The notes were issued pursuant to an indenture, as supplemented by Supplemental Indenture No. 4, dated June 16, 2015. Investors should note the terms of the indenture which include limitations on the company's ability to incur liens and sell assets, subject to certain qualifications. The notes mature on June 15, 2045, and carry a semi-annual interest payment of 5.000% per annum.

Key Highlights

  • 1Devon Energy closed a $750 million public offering of 5.000% Senior Notes due 2045 on June 16, 2015.
  • 2The offering was conducted through an Underwriting Agreement with Goldman, Sachs & Co. and J.P. Morgan Securities LLC.
  • 3The Notes are general unsecured and unsubordinated obligations of the Company.
  • 4The Notes mature on June 15, 2045.
  • 5Interest on the Notes is payable semi-annually at a rate of 5.000% per annum.
  • 6The Indenture contains covenants that limit the Company's ability to incur liens and sell assets.
  • 7The issuance was made under a shelf registration statement previously filed with the SEC.

Frequently Asked Questions

This 8-K filing reports on the completion of Devon Energy's public offering of $750 million of Senior Notes due 2045, including the entry into the underwriting agreement and the closing of the issuance under the supplemental indenture.

The notes have a principal amount of $750 million, mature on June 15, 2045, and bear interest at a fixed rate of 5.000% per annum, payable semi-annually.

The Notes are general obligations of Devon Energy and rank equally with all existing and future unsecured and unsubordinated debt of the company.

Yes, the Indenture includes limitations on the Company's ability to incur liens, consolidate, merge, or sell its assets, subject to specific qualifications outlined in the Indenture.