Devon Energy Corp. (NYSE: DVN) said Aug. 18 that by amending the maximum tender offers, it upsized the aggregate maximum repurchase amount for senior notes to about $664.6 million, up from about $535.4 million.
The company previously bought back certain 8.250% notes due 2018 issued by Devon OEI Operating LLC, and the 6.300% notes due 2019 issued by Devon; those tender offers expired, according to an Aug. 10 press release on the company’s website.
This upsized total amount of about $664.6 million will pay the total consideration for all of the 2.250% notes due 2018 that were validly tendered as of the early tender date—about $639.5 million.
Devon said the anticipated date that it will make payment for the 2018 notes is Aug. 19.
The maximum tenders expire on Aug. 31. The tenders will be funded through the net proceeds from previously completed asset sales and financing transactions, and will reduce outstanding debt, including subsidiaries’ debt.
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