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Devon Energy secures $3B in revolving credit

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Devon Energy secures $3B in revolving credit

Devon Energy Corp. struck a new revolving credit agreement with a group of lenders, providing the company with $3 billion in total commitments.

Up to $500 million of the revolver may be allocated as Canadian commitments, according to an Oct. 9 SEC filing. The lenders may add revolving commitments of $750 million to the original amount of the credit agreement, subject to conditions. The credit agreement has a maturity date of Oct. 5, 2023, which can be extended through up to two additional one-year periods.

The agreement also includes sub-limits of $50 million for swing-line loans, half of which may be allocated to Canadian swing-line loans, and $300 million for letters of credit.

Proceeds from the credit agreement will be used for general corporate purposes. The lenders are led by Bank of America NA as administrative agent and swing-line lender.

Devon Energy is an oil and gas exploration and production company with operations in the STACK, Delaware Basin, Eagle Ford, Rockies, Barnett and Eastern Alberta resource plays.