Devon to Redeem $350MM in Senior Notes
Devon announced that it will redeem approximately $350 million in aggregate principal amount of its 7.25% Senior Notes due 2011, representing all of the notes outstanding.
The notes will be redeemed at a redemption price of 100 percent of the principal amount, plus accrued and unpaid interest, as well as a make-whole premium. The accrued interest will be paid for the period from April 1, 2010 up to, but excluding, the redemption date of June 25, 2010. The make-whole premium will be calculated three days prior to redemption in accordance with the terms of the indenture agreement.
The terms of the redemption are described in the notice of redemption sent to registered holders on or about May 25, 2010. Notes are to be surrendered to The Bank of New York Mellon Trust Company, N.A. as trustee and paying agent, in exchange for the payment of the redemption price.