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These excerpts taken from the DVN 10-K filed Feb 27, 2009. Commercial
Paper
Devon also has access to short-term credit under its commercial
paper program. Total borrowings under the commercial paper
program may not exceed $2.85 billion. Also, any borrowings
under the commercial paper program reduce available capacity
under the Senior Credit Facility or the Short-Term Facility on a
dollar-for-dollar
basis. Commercial paper debt generally has a maturity of between
one and 90 days, although it can have a maturity of up to
365 days, and bears interest at rates agreed to at the time
of the borrowing. The interest rate is based on a standard index
such as the Federal Funds Rate, LIBOR, or the money market rate
as found on the commercial paper market. As of December 31,
2008, Devon had $1.0 billion of commercial paper debt
outstanding at an average rate of 3.00%. The average borrowing
rate for Devon’s $1.0 billion of commercial paper debt
outstanding at December 31, 2007 was 5.07%.
In January 2009, Devon issued $500 million of
5.625% senior notes due January 15, 2014 and
$700 million of 6.30% senior notes due
January 15, 2019. The net proceeds from issuance of this
debt were used primarily to repay Devon’s outstanding
commercial paper as of December 31, 2008. Therefore, the
$1.0 billion of outstanding commercial paper is classified
as long-term debt in the accompanying 2008 consolidated balance
sheet. Outstanding commercial paper is classified as short-term
debt in the accompanying 2007 consolidated balance sheet.
Commercial
Paper
Devon also has access to short-term credit under its commercial
paper program. Total borrowings under the commercial paper
program may not exceed $2.85 billion. Also, any borrowings
under the commercial paper program reduce available capacity
under the Senior Credit Facility or the Short-Term Facility on a
dollar-for-dollar
basis. Commercial paper debt generally has a maturity of between
one and 90 days, although it can have a maturity of up to
365 days, and bears interest at rates agreed to at the time
of the borrowing. The interest rate is based on a standard index
such as the Federal Funds Rate, LIBOR, or the money market rate
as found on the commercial paper market. As of December 31,
2008, Devon had $1.0 billion of commercial paper debt
outstanding at an average rate of 3.00%. The average borrowing
rate for Devon’s $1.0 billion of commercial paper debt
outstanding at December 31, 2007 was 5.07%.
In January 2009, Devon issued $500 million of
5.625% senior notes due January 15, 2014 and
$700 million of 6.30% senior notes due
January 15, 2019. The net proceeds from issuance of this
debt were used primarily to repay Devon’s outstanding
commercial paper as of December 31, 2008. Therefore, the
$1.0 billion of outstanding commercial paper is classified
as long-term debt in the accompanying 2008 consolidated balance
sheet. Outstanding commercial paper is classified as short-term
debt in the accompanying 2007 consolidated balance sheet.
Commercial Paper Devon also has access to short-term credit under its commercial paper program. Total borrowings under the commercial paper program may not exceed $2.85 billion. Also, any borrowings under the commercial paper program reduce available capacity under the Senior Credit Facility or the Short-Term Facility on a dollar-for-dollar basis. Commercial paper debt generally has a maturity of between one and 90 days, although it can have a maturity of up to 365 days, and bears interest at rates agreed to at the time of the borrowing. The interest rate is based on a standard index such as the Federal Funds Rate, LIBOR, or the money market rate as found on the commercial paper market. As of December 31, 2008, Devon had $1.0 billion of commercial paper debt outstanding at an average rate of 3.00%. The average borrowing rate for Devon’s $1.0 billion of commercial paper debt outstanding at December 31, 2007 was 5.07%. In January 2009, Devon issued $500 million of 5.625% senior notes due January 15, 2014 and $700 million of 6.30% senior notes due January 15, 2019. The net proceeds from issuance of this debt were used primarily to repay Devon’s outstanding commercial paper as of December 31, 2008. Therefore, the $1.0 billion of outstanding commercial paper is classified as long-term debt in the accompanying 2008 consolidated balance sheet. Outstanding commercial paper is classified as short-term debt in the accompanying 2007 consolidated balance sheet. Commercial Paper Devon also has access to short-term credit under its commercial paper program. Total borrowings under the commercial paper program may not exceed $2.85 billion. Also, any borrowings under the commercial paper program reduce available capacity under the Senior Credit Facility or the Short-Term Facility on a dollar-for-dollar basis. Commercial paper debt generally has a maturity of between one and 90 days, although it can have a maturity of up to 365 days, and bears interest at rates agreed to at the time of the borrowing. The interest rate is based on a standard index such as the Federal Funds Rate, LIBOR, or the money market rate as found on the commercial paper market. As of December 31, 2008, Devon had $1.0 billion of commercial paper debt outstanding at an average rate of 3.00%. The average borrowing rate for Devon’s $1.0 billion of commercial paper debt outstanding at December 31, 2007 was 5.07%. In January 2009, Devon issued $500 million of 5.625% senior notes due January 15, 2014 and $700 million of 6.30% senior notes due January 15, 2019. The net proceeds from issuance of this debt were used primarily to repay Devon’s outstanding commercial paper as of December 31, 2008. Therefore, the $1.0 billion of outstanding commercial paper is classified as long-term debt in the accompanying 2008 consolidated balance sheet. Outstanding commercial paper is classified as short-term debt in the accompanying 2007 consolidated balance sheet. These excerpts taken from the DVN 10-K filed Jun 9, 2008. Commercial
Paper
Devon also has access to short-term credit under its commercial
paper program. Total borrowings under the commercial paper
program may not exceed $3.5 billion. Also, any borrowings
under the commercial paper program reduce available capacity
under the Senior Credit Facility or the Short-Term Facility on a
dollar-for-dollar basis. Commercial paper debt generally has a
maturity of between one and 90 days, although it can have a
maturity of up to 365 days, and bears interest at rates
agreed to at the time of the borrowing. The interest rate is
based on a standard index such as the Federal Funds Rate, LIBOR,
or the money market rate as found on the commercial paper
market. As of December 31, 2007, Devon had
$1.0 billion of commercial paper debt outstanding at an
average rate of 5.07%. The average borrowing rate for
Devon’s $1.8 billion of
Table of Contents
DEVON
ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS —
(Continued)
commercial paper debt outstanding at December 31, 2006 was
5.37%. Outstanding commercial paper is classified as short-term
debt in the accompanying consolidated balance sheets.
Commercial Paper Devon also has access to short-term credit under its commercial paper program. Total borrowings under the commercial paper program may not exceed $3.5 billion. Also, any borrowings under the commercial paper program reduce available capacity under the Senior Credit Facility or the Short-Term Facility on a dollar-for-dollar basis. Commercial paper debt generally has a maturity of between one and 90 days, although it can have a maturity of up to 365 days, and bears interest at rates agreed to at the time of the borrowing. The interest rate is based on a standard index such as the Federal Funds Rate, LIBOR, or the money market rate as found on the commercial paper market. As of December 31, 2007, Devon had $1.0 billion of commercial paper debt outstanding at an average rate of 5.07%. The average borrowing rate for Devon’s $1.8 billion of
Table of ContentsDEVON ENERGY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) commercial paper debt outstanding at December 31, 2006 was 5.37%. Outstanding commercial paper is classified as short-term debt in the accompanying consolidated balance sheets. These excerpts taken from the DVN 10-K filed Feb 28, 2008. Commercial
Paper
Devon also has access to short-term credit under its commercial
paper program. Total borrowings under the commercial paper
program may not exceed $3.5 billion. Also, any borrowings
under the commercial paper program reduce available capacity
under the Senior Credit Facility or the Short-Term Facility on a
dollar-for-dollar basis. Commercial paper debt generally has a
maturity of between one and 90 days, although it can have a
maturity of up to 365 days, and bears interest at rates
agreed to at the time of the borrowing. The interest rate is
based on a standard index such as the Federal Funds Rate, LIBOR,
or the money market rate as found on the commercial paper
market. As of December 31, 2007, Devon had
$1.0 billion of commercial paper debt outstanding at an
average rate of 5.07%. The average borrowing rate for
Devon’s $1.8 billion of
Table of Contents
DEVON
ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS —
(Continued)
commercial paper debt outstanding at December 31, 2006 was
5.37%. Outstanding commercial paper is classified as short-term
debt in the accompanying consolidated balance sheets.
Commercial Paper Devon also has access to short-term credit under its commercial paper program. Total borrowings under the commercial paper program may not exceed $3.5 billion. Also, any borrowings under the commercial paper program reduce available capacity under the Senior Credit Facility or the Short-Term Facility on a dollar-for-dollar basis. Commercial paper debt generally has a maturity of between one and 90 days, although it can have a maturity of up to 365 days, and bears interest at rates agreed to at the time of the borrowing. The interest rate is based on a standard index such as the Federal Funds Rate, LIBOR, or the money market rate as found on the commercial paper market. As of December 31, 2007, Devon had $1.0 billion of commercial paper debt outstanding at an average rate of 5.07%. The average borrowing rate for Devon’s $1.8 billion of
Table of ContentsDEVON ENERGY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) commercial paper debt outstanding at December 31, 2006 was 5.37%. Outstanding commercial paper is classified as short-term debt in the accompanying consolidated balance sheets. This excerpt taken from the DVN 10-K filed Feb 28, 2007. Commercial
Paper
Devon also has a commercial paper program under which it may
borrow up to $2 billion. Borrowings under the commercial
paper program reduce available capacity under the Senior Credit
Facility on a
dollar-for-dollar
basis. Commercial paper debt generally has a maturity of between
seven to 90 days, although it can have a maturity of up to
365 days, and bears interest at rates agreed to at the time
of the borrowing. The interest rate is based on a standard index
such as the Federal Funds Rate, LIBOR, or the money market rate
as found on the commercial paper market. As of December 31,
2006, Devon had $1.8 billion of commercial paper debt
outstanding at an average rate of 5.37%. The $1.8 billion
of commercial paper is classified as short-term debt in the
accompanying consolidated balance sheet.
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