Cenovus announces closing of US$1 billion offering of senior notes
July 30 2020 - 8:53AM
Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) has completed a
public offering in the United States (the “Offering”) of
US$1,000,000,000 in 5.375% senior unsecured notes due 2025 (the
“Notes”). The Notes were issued under Cenovus’s short form base
shelf prospectus dated September 19, 2019 and a prospectus
supplement dated July 28, 2020 filed with securities regulatory
authorities in Canada and the United States.
The net proceeds of the Offering will be used to repay
short-term indebtedness outstanding under the company’s $4.5
billion committed credit facility and other short-term
indebtedness.
BofA Securities, Inc., BMO Capital Markets Corp. and Scotia
Capital (USA) Inc. acted as active joint book-running managers. The
offering was supported by additional advisors including: RBC
Capital Markets, LLC, TD Securities (USA) LLC, ATB Capital Markets
Inc., CIBC World Markets Corp., Barclays Capital Inc., Credit
Suisse Securities (USA) LLC, Desjardins Securities Inc., J.P.
Morgan Securities LLC, Mizuho Securities USA LLC, MUFG Securities
Americas, Inc., National Bank of Canada Financial Inc., SMBC Nikko
Securities America, Inc. and Wells Fargo Securities, LLC.
Forward-looking InformationThis news release
contains certain forward-looking statements and forward-looking
information (collectively referred to as “forward-looking
information”) within the meaning of applicable securities
legislation, including the United States Private Securities
Litigation Reform Act of 1995, about our current expectations,
estimates and projections about the future, based on certain
assumptions made by us in light of our experience and perception of
historical trends. Although Cenovus believes that the expectations
represented by such forward-looking information are reasonable,
there can be no assurance that such expectations will prove to be
correct. Readers are cautioned not to place undue reliance on
forward-looking information as actual results may differ materially
from those expressed or implied.
Forward-looking information in this document is identified by
the word “will” and includes suggestions of future outcomes,
including about the anticipated use of proceeds of the
Offering.
Developing forward-looking information involves reliance on a
number of assumptions and consideration of certain risks and
uncertainties, some of which are specific to Cenovus and others
that apply to the industry generally. The assumptions on which our
forward-looking information is based include other risks and
uncertainties described from time to time in the filings Cenovus
makes with securities regulatory authorities.
The risks and uncertainties that could cause our actual results
to differ materially, include, but are not limited to: the risk
that, notwithstanding our current intentions regarding the use of
the net proceeds of the Offering, there may be circumstances where
a reallocation of the net proceeds may be necessary, depending on
future operations, unforeseen events or whether future growth
opportunities arise; and risks relating to the current and
potential adverse impacts of the novel coronavirus pandemic and
continued depressed prices for crude oil and other petroleum
products.
Additional information about risks, assumptions, uncertainties
and other factors that could influence Cenovus’s actual results is
provided in Cenovus’s Management’s Discussion and Analysis
(MD&A) for the year ended December 31, 2019 and its MD&A
for the period ended June 30, 2020 as well as the company's Annual
Information Form and Form 40-F for the year ended December 31, 2019
(all available on SEDAR at sedar.com, EDGAR at sec.gov and
Cenovus's website at cenovus.com).
Cenovus Energy Inc.Cenovus Energy Inc. is a
Canadian integrated oil and natural gas company. It is committed to
maximizing value by sustainably developing its assets in a safe,
innovative and cost-efficient manner, integrating environmental,
social and governance considerations into its business plans.
Operations include oil sands projects in northern Alberta, which
use specialized methods to drill and pump the oil to the surface,
and established natural gas and oil production in Alberta and
British Columbia. The company also has 50% ownership in two U.S.
refineries. Cenovus shares trade under the symbol CVE, and are
listed on the Toronto and New York stock exchanges. For more
information, visit cenovus.com.
Find Cenovus on Facebook, Twitter, LinkedIn, YouTube and
Instagram.
CENOVUS
CONTACTS: Investor RelationsInvestor
Relations general line403-766-7711 |
Media RelationsMedia
Relations general line403-766-7751 |
Cenovus Energy (NYSE:CVE)
Historical Stock Chart
From Aug 2024 to Sep 2024
Cenovus Energy (NYSE:CVE)
Historical Stock Chart
From Sep 2023 to Sep 2024