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Devon Commences Private Exchange Offers and Coterra Commences Consent Solicitations
HOUSTON, May 22, 2026 (GLOBE NEWSWIRE) -- Devon Energy Corporation (NYSE: DVN) (“Devon”) and Coterra Energy Inc. (formerly NYSE: CTRA) (“Coterra”) today announced that, in connection with the completed merger of Coterra, with Coterra surviving as a direct, wholly owned subsidiary of Devon, Devon has commenced offers to Eligible Holders (as defined herein) to exchange (each, an “Exchange Offer” and collectively, the “Exchange Offers”) any and all outstanding notes issued by Coterra as set forth i
About this update from Devon Energy Corporation
HOUSTON, May 22, 2026 (GLOBE NEWSWIRE) -- Devon Energy Corporation (NYSE: DVN) (“Devon”) and Coterra Energy Inc. (formerly NYSE: CTRA) (“Coterra”) today announced that, in connection with the completed merger of Coterra, with Coterra surviving as a direct, wholly owned subsidiary of Devon, Devon has commenced offers to Eligible Holders (as defined herein) to exchange (each, an “Exchange Offer” and collectively, the “Exchange Offers”) any and all outstanding notes issued by Coterra as set forth in the table below (the “Existing Coterra Notes”) for (1) new notes issued by Devon (the “New Devon Notes”) and (2) cash. The following table sets forth the Exchange Consideration and Total Exchange Consideration for each series of Existing Coterra Notes: ______________________________ Concurrently with the Exchange Offers being made by Devon, Coterra is, upon Devon’s request, soliciting consents from Eligible Holders (each, a “Consent Solicitation” and, collectively, the “Consent Solicitations”) to adopt certain proposed amendments to each of the corresponding indentures governing the Existing Coterra Notes (other than the Existing Coterra OpCo Notes) to eliminate certain of the covenants, restrictive provisions and events of default from such indentures (with respect to the corresponding indenture for such Existing Coterra Notes, the “Proposed Amendments”). Eligible Holders of Existing Coterra Notes may deliver their consent to the Proposed Amendments to the corresponding indenture for the applicable class only by tendering Existing Coterra Notes of the applicable series in the Exchange Offers and Consent Solicitations. Eligible Holders may not deliver a consent in a Consent Solicitation without tendering Existing Coterra Notes in the applicable Exchange Offer and Eligible Holders may not tender Existing Coterra Notes without also having been deemed to deliver a consent. Notwithstanding anything herein to the contrary, Coterra is not soliciting consents of Eligible Holders of the Existing Coterra OpCo Notes in connection with the Exchange Offers and Consent Solicitations. The Existing Coterra OpCo Notes are not subject to the Consent Solicitations. The Exchange Offers and Consent Solicitations are being made pursuant to the terms and subject to the conditions set forth in the offering memorandum and consent solicitation statement dated as of May 22, 2026 (as it ma...
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