Cenovus Energy Announces Early Tender Results and Increase of Tender Offers for Certain Outstanding Series of Notes

Source Company Press Release
Company Cenovus Energy Inc.
Tags Corporate: Overview/Strategy, Country: Canada, United States
Date September 19, 2023

Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) announced today the early tender results for its tender offers to purchase for cash certain of its outstanding series of Notes.

Cenovus also announced it has increased the previously announced Pool 2 Maximum Amount (as defined below) from $250,000,000 to $500,000,000. The Pool 1 Maximum Amount (as defined below) and the Series Tender Cap (as defined below) remain unchanged at $500,000,000 and $250,000,000, respectively.

References to "$" in this news release are to United States dollars, unless otherwise indicated.

Details of tender offers
Cenovus initially offered to purchase for cash: (i) up to $500,000,000 aggregate purchase price, excluding accrued and unpaid interest (the “Pool 1 Maximum Amount”), of its 5.250% Notes due 2037, 4.450% Notes due 2042, 5.200% Notes due 2043, 4.400% Notes due 2029, 5.400% Notes due 2047 and 4.250% Notes due 2027 (collectively, the “Pool 1 Notes”) and (ii) up to $250,000,000 aggregate purchase price, excluding accrued and unpaid interest (the “Pool 2 Maximum Amount” and, together with the Pool 1 Maximum Amount, the “Maximum Amounts”), of its 6.800% Notes due 2037 and 6.750% Notes due 2039 (collectively, the “Pool 2 Notes” and, together with the Pool 1 Notes, the “Notes”), subject to prioritized acceptance levels listed in the table below (“Acceptance Priority Levels”) and the terms and conditions of the tender offers.

Cenovus has amended such tender offers to increase the previously announced Pool 2 Maximum Amount from $250,000,000 to $500,000,000. All other terms of the tender offers as previously announced in the offer to purchase dated September 5, 2023 (as amended and supplemented hereby, the “Offer to Purchase”) remain unchanged. Cenovus refers investors to the Offer to Purchase for the complete terms and conditions of the tender offers.

As of the previously announced early tender date and time of 5:00 p.m., New York City time, on September 18, 2023 (the “Early Tender Date”), according to information provided by D.F. King & Co., Inc., the tender and information agent for the tender offers, the aggregate principal amount of each series of Notes listed in the table below had been validly tendered and not validly withdrawn in each tender offer. Withdrawal rights for the Notes expired at 5:00 p.m., New York City time, on the Early Tender Date.

  Title of Security  CUSIP/ISIN  Principal Amount
Outstanding 
Maximum Amount  Acceptance
Priority
Level(1) 
Series Tender
Cap 
Principal
Amount
Tendered at
Early Tender
Date 
Pool 1 Tender Offers







 
5.250% Notes due 2037  15135UAP4 / US15135UAP49

15135UAN9 / US15135UAN90 (144A)

C23555AG7 / USC23555AG79 (Reg S) 
$583,102,000  $500,000,000(2)







 
$250,000,000(3)  $400,387,000 
4.450% Notes due 2042  15135UAH2 / US15135UAH23  $97,004,000  N/A  $5,688,000 
5.200% Notes due 2043  15135UAK5 / US15135UAK51  $28,549,000  N/A  $1,614,000 
4.400% Notes due 2029  448055AP8 / US448055AP89  $239,598,000  N/A  $57,128,000 
5.400% Notes due 2047  15135UAR0 / US15135UAR05

15135UAQ2 / US15135UAQ22 (144A)

C23555AH5 / USC23555AH52 (Reg S) 
$799,872,000  N/A  $571,507,000 
Pool 2 Tender Offers

 
6.800% Notes due 2037  448055AD5 / US448055AD59  $386,773,000  $500,000,000(4)

 
N/A  $195,551,000 
6.750% Notes due 2039  15135UAF6 / US15135UAF66  $935,422,000  N/A  $398,009,000

 
Source: EvaluateEnergy® ©2024 EvaluateEnergy Ltd