12 03 2016

Devon Energy Corporation $1.47 Billion Common Stock Offering

Davis Polk advised the representative of the several underwriters in connection with the $1.47 billion SEC-registered offering by Devon Energy Corporation of 79,350,000 shares of common stock, which included 10,350,000 shares from the full exercise of the underwriters’ option to purchase additional shares.


Goldman, Sachs & Co. acted as Book-Running Manager, and Barclays, BofA Merrill Lynch, BTIG, Citigroup, Credit Suisse, J.P. Morgan, Mizuho Securities, Morgan Stanley, RBC Capital Markets, Scotia, Howard Weil and Wells Fargo Securities as Co-Managers. Devon Energy intends to use the net proceeds from this offering for general corporate purposes, including bolstering its liquidity position, reducing indebtedness and funding their capital program. Headquartered in Oklahoma City, Oklahoma, Devon Energy is a leading independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The Davis Polk corporate team included partners Richard A. Drucker (Picture) and Byron B. Rooney and associates Cameron C. Lewis and Skawenniio Barnes. Partner Michael Farber and associate Koonho Cho provided tax advice. Counsel Betty Moy Huber and associate Yuko Masunaga provided environmental advice. Involved fees earner: Richard Drucker - Davis Polk & Wardwell; Byron Rooney - Davis Polk & Wardwell; Cameron Lewis - Davis Polk & Wardwell; Skawenniio Barnes - Davis Polk & Wardwell; Michael Farber - Davis Polk & Wardwell; Koonho Cho - Davis Polk & Wardwell; Betty Moy Huber - Davis Polk & Wardwell; Yuko Masunaga - Davis Polk & Wardwell;

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