Devon Energy Announces Sale Of $1 Billion In Stock, Dilutes Existing Shareholders By 13%

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zerohedge.com / by Tyler Durden on 02/17/2016 16:18

Congratulations to Devon Energy: moments ago it announced that with Goldman as underwriter, it became the first company to successfully access the equity offering window in a long, long time sell equity in the form of 55 million shares in stock, or just over $1 billion in proceeds assuming today’s closing price of $20.33.  The proceeds will be used “for general corporate purposes, including bolstering the Company’s liquidity position, reducing indebtedness and funding the Company’s capital program.” In other words, Devon is rusing to sell equity while it still can sell equity.

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