Devon Energy to redeem all $150 million of its 6.49% series A cumulative preferreds

By Devika Patel

Knoxville, Tenn., May 21 - Devon Energy Corp. said it will call for redemption all $150 million of its outstanding 6.49% series A cumulative preferred shares.

The 1.5 million preferred shares will be redeemed for cash at $100 per preferred, plus dividends up to the redemption date.

Bank of New York Mellon is the paying agent for the redemption.

The redemption will eliminate about $10 million of annual cash dividends.

Devon Energy is an Oklahoma City-based independent energy company.

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