In conjunction with the early retirement, the company also announced that it has entered into a new $1.5 billion revolving credit facility, maturing in April 2009. The new revolving credit facility replaces its existing $1.0 billion revolving credit facility maturing in 2004. Devon has no balance outstanding under the new revolving credit facility.
"By retiring the acquisition facility and putting the new five-year revolving credit facility in place, we have accelerated debt repayment and lowered our interest expense without compromising the company's liquidity," said Brian Jennings, Devon's senior vice president and chief financial officer. "These actions underscore our commitment to continue to reduce leverage and maintain our financial flexibility."
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