Devon Energy Corporation
Devon Energy Enters into a $2 Billion Term Loan Credit Agreement
Summary
On August 12, 2024, Devon Energy Corporation entered into a delayed draw term loan credit agreement among the Company, the Lenders, and Bank of America, N.A., as administrative agent. The Credit Agreement provides for delayed draw term loans in an aggregate principal amount not in excess of $2,000,000,000, which will be used to fund a portion of the cash consideration of the Acquisition of Grayson Mill Intermediate HoldCo II, LLC and Grayson Mill Intermediate HoldCo III, LLC. The Credit Agreement includes customary covenants and representations and the Company has agreed to maintain a ratio of total funded debt to total capitalization of no greater than 65%.
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About Devon Energy Corporation
Devon Energy Corporation is a prominent player in the energy sector, specializing in the exploration, development, and production of oil and natural gas. With its corporate headquarters located in Oklahoma City, Oklahoma, Devon Energy operates principally across the United States. Its portfolio encompasses some of the most resource-rich areas, such as the Delaware Basin within the greater Permian Basin, Eagle Ford, Anadarko Basin, Powder River Basin, and the Williston Basin. The company's primary function is to harness and maximize value from its substantial onshore oil and gas reserves, making substantial contributions to the energy supply chain. Devon Energy is noted for its strategic focus on efficient and sustainable practices in hydrocarbon extraction and production. It plays a critical role in the U.S. energy landscape, providing resources essential for various sectors including transportation, manufacturing, and residential energy needs. Through innovative drilling and operating techniques, Devon Energy pursues operational excellence while remaining committed to reducing its environmental footprint and enhancing the safety of its operations.
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