fwp
Filed Pursuant to Rule 433
Registration No. 333-156025
January 6, 2009
(DEVON LOGO)
$500,000,000
5.625% Senior Notes due 2014
$700,000,000
6.300% Senior Notes due 2019
TERM SHEET
     
Issuer:
  Devon Energy Corporation (Bloomberg
Ticker: “DVN”)
 
    
Ratings:
  Baa1 (stable) Moody’s / BBB+ (stable) S&P
 
    
Securities:
  $500,000,000 5.625% Senior Notes due 2014
$700,000,000 6.300% Senior Notes due 2019
 
    
Format:
  SEC registered (global) (No. 333-156025)
 
    
CUSIP / ISIN No.
  2014 Notes: 25179M AG8 / US25179MAG87
2019 Notes: 25179M AH6 / US25179MAH60
 
    
Trade Date:
  January 6, 2009
 
    
Expected Settlement:
  January 9, 2009 (T+3)
 
    
Maturity:
  2014 Notes: January 15, 2014
2019 Notes: January 15, 2019
 
    
Price To Public:
  2014 Notes: 99.774% of principal amount
2019 Notes: 99.698% of principal amount
 
    
Coupon:
  2014 Notes: 5.625% per year (payable semi-annually)
2019 Notes: 6.300% per year (payable semi-annually)
 
    
Interest Payment Dates:
  January 15th and July 15th, beginning July 15, 2009
 
    
Benchmark Treasury:
  2014 Notes: 1.50% due December 31, 2013
2019 Notes: 3.750% due November 15, 2018
 
    
Benchmark Treasury Yield:
  2014 Notes: 1.677%
2019 Notes: 2.491%
 
    
Spread to Benchmark Treasury:
  2014 Notes: +400 basis points
2019 Notes: +385 basis points
 
    
Yield to Maturity:
  2014 Notes: 5.677%
2019 Notes: 6.341%
 
    
Make Whole Call At Any Time:
  The greater of 100% of principal amount or discounted present value at Adjusted Treasury Rate +50 bps (0.50%) for the 2014 Notes and +50 bps (0.50%) for the 2019 Notes
 
    
Denominations:
  $2,000 and multiples of $1,000 in excess of $2,000

 

 

     
Use of Proceeds:
  Repayment of approximately $1 billion of outstanding commercial paper, and general corporate purposes
 
    
Underwriting Discount:
  2014 Notes: 0.60%
2019 Notes: 0.65%
 
    
Joint Bookrunners:
  Banc of America Securities LLC
J.P. Morgan Securities Inc.
UBS Securities LLC
Greenwich Capital Markets, Inc.
Goldman, Sachs & Co.
Morgan Stanley & Co. Incorporated
 
    
Co-Managers:
  Citigroup Global Markets Inc.
Credit Suisse Securities (USA) LLC
Deutsche Bank Securities Inc.
BMO Capital Markets Corp.
RBC Capital Markets Corporation
 
    
Junior Co-Managers:
  The Bank of Tokyo-Mitsubishi UFJ Securities (USA), Inc.
Scotia Capital (USA) Inc.
U.S. Bancorp Investments, Inc.
SG Americas Securities, LLC
Wells Fargo Securities, LLC
Barclays Capital Inc.
Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll free Banc of America Securities LLC at 1-800-294-1322, J.P. Morgan Securities Inc. at 212-834-4533 (collect) or UBS Securities LLC at 1-877 827-6444 (ext. 561-3884).