Devon Energy Corp. (NYSE: DVN) has priced an upsized public offering of 69,000,000 shares of its common stock at a price to the public of $18.75 per share.
Net proceeds from the offering are expected to be used for general corporate purposes, including bolstering the company’s liquidity position, reducing indebtedness, and funding the company’s capital program. Devon has also granted the underwriters an option to purchase up to an additional 10,350,000 shares of its common stock at the underwriters’ election. The offering is expected to close on Feb. 22, subject to customary closing conditions.
Goldman, Sachs & Co. is acting as book-running manager for the offering.