Cenovus Energy Prices Offering Of C$2.6 Bln Of Senior Unsecured Notes

Cenovus Energy

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(RTTNews) - Cenovus Energy Inc. (CVE, CVE.TO) announced that it has priced an offering of C$2.6 billion in aggregate principal amount of senior unsecured notes. The notes offered are comprised of four tranches across Canadian dollar and U.S. dollar denominations.

The Canadian Notes are comprised of a C$650 million principal amount bearing a coupon of 4.25% and C$550 million principal amount bearing a coupon of 4.60%, with maturities on March 20, 2033, and November 20, 2035, respectively.

The U.S. Notes are comprised of US$500 million principal amount bearing a coupon of 4.65% and US$500 million principal amount bearing a coupon of 5.40%, with maturities on March 20, 2031, and March 20, 2036, respectively.

The offerings are expected to close on November 20, 2025, subject to customary closing conditions.

Cenovus intends to use the net proceeds of the offerings to fund the redemption of its $750 million aggregate principal amount of 3.60% senior notes due 2027 and its US$373 million aggregate principal amount of 4.25% senior notes due 2027, and to fund the redemption of MEG Energy Corp.'s US$600 million aggregate principal amount of 5.875% senior notes due 2029, and for general corporate purposes.

The Notes are being offered through a syndicate of dealers led by CIBC Capital Markets, J.P. Morgan Securities LLC., TD Securities Inc., Goldman Sachs & Co. LLC, and Mizuho Securities USA LLC.