Devon Energy announces early redemption of $700 million of senior notes

Devon Energy announced its wholly-owned subsidiary WPX Energy has made an early redemption of $700 million in senior notes.

The redemption covers a 2014 indenture WPX had made with the Bank of New York Mellon Trust Company.

It included $210 million of 5.250% senior notes due in 2027; $175 million in 5.875% senior notes due 2028 and $315 million of 4.500% senior notes due 2030.

The redemption price will equal 105.250%, 105.875% and 104.500% of the principal amount of the 2027, 2028 and 2030 notes.

“This debt redemption is another important step in our plan to return value to shareholders,” said Jeff Ritenour, executive vice president and chief financial officer. “With this redemption we will have executed on nearly half of our $1.5 billion board authorized debt repurchase program and we will continue to manage toward our stated leverage target of 1 times net debt-to-EBITDA or less.”

Source: Press release

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