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Cenovus Energy Inc. (CVE.TO)

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  • Cenovus announces successful Consent Solicitation with respect to Cenovus’s 6.80% Notes due 2037
    GlobeNewswire

    Cenovus announces successful Consent Solicitation with respect to Cenovus’s 6.80% Notes due 2037

    CALGARY, Alberta, April 21, 2021 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced the expiration and results of the previously announced consent solicitation (the “Consent Solicitation”) and receipt of the consents necessary to effect an amendment to the pledge agreement (the “2037 Notes Pledge Agreement”) in respect of Cenovus’s outstanding 6.80% Notes due 2037 (the “2037 Notes”). The 2037 Notes were issued under an indenture, dated as of September 11, 2007 (as supplemented and amended, the “Indenture”) between Cenovus (as successor by amalgamation to Husky Energy Inc. (“Husky”)) and Wells Fargo Bank, National Association (as successor trustee to The Bank of Nova Scotia Trust Company of New York) (the “Trustee”). The Indenture also governs the outstanding 4.40% Notes due 2029 (the “2029 Notes”), 4.00% Notes due 2024 (the “2024 Notes”) and 3.95% Notes due 2022 (the “2022 Notes”) of Cenovus (in each case, originally issued by Husky). Consent SolicitationSubject to the terms and conditions described in Cenovus’s Consent Solicitation Statement, dated April 12, 2021 (the “Solicitation Statement”), Cenovus solicited consents from the holders of the 2037 Notes as of the Record Date (as defined in the Solicitation Statement) (“Holders”) to conform the 2037 Notes Pledge Agreement to the pledge agreements in respect of the 2029 Notes and the 2024 Notes (the “Amendment”). In conjunction with receiving the requisite consents, Cenovus will promptly execute and deliver an amendment to the 2037 Notes Pledge Agreement, pursuant to which the Amendment will become operative. Except for the Amendment, all of the existing terms of the 2037 Notes, the Indenture and the 2037 Notes Pledge Agreement will remain unchanged. Cenovus will pay the consent payment detailed in the table below to the Holders whose consents were validly delivered (and not revoked) prior to the expiration of the Consent Solicitation, as early as April 21, 2021 subject to the terms and conditions described in the Solicitation Statement. The 2037 Notes are currently rated Baa3 with a negative outlook and BBB- with a stable outlook by Moody’s and S&P Global Ratings, respectively. Cenovus does not expect that the Amendment will affect these ratings. Series of NotesCUSIP/ ISIN NumberOutstanding Aggregate Principal AmountConsent Payment6.80% Notes due 2037CUSIP: 448055AD5ISIN: US448055AD59$386,773,000$1.00 per $1,000 principal amount of the 2037 Notes No Consents were solicited from holders of the 2029 Notes, the 2024 Notes or the 2022 Notes, and the Amendment has no effect on any of these series of notes. This announcement is for information purposes only and is neither an offer to sell nor a solicitation of an offer to buy any 2037 Notes or any other securities. References in this news release to "dollars" or "$" are to United States dollars. ADVISORYForward-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. Cenovus undertakes no obligation to update or revise any forward-looking information except as required by law. Forward-looking information in this document is identified by words such as “expect”, or “will”, or similar expressions and includes suggestions of future outcomes. 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. Readers are cautioned that other events or circumstances, although not listed above, could cause Cenovus’s actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking statements. For a full discussion of material risk factors, refer to Risk Management and Risk Factors in Cenovus’s Management’s Discussion and Analysis of the financial and operating results for the year ended December 31, 2020 and the risk factors set forth under the heading “Risk Factors” in Cenovus’s Annual Information Form, and to the risk factors described in other documents Cenovus files from time to time with securities regulatory authorities in Canada, available on SEDAR at sedar.com, and with the U.S. Securities and Exchange Commission on EDGAR at sec.gov, and on its website at cenovus.com. Cenovus Energy Inc.Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is focused on managing its assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com. Find Cenovus on Facebook, Twitter, LinkedIn, YouTube and Instagram. CENOVUS CONTACTS:Investor RelationsInvestor Relations general line403-766-7711Media RelationsMedia Relations general line403-766-7751

  • The Canadian Press

    Most actively traded companies on the Toronto Stock Exchange

    TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange: Toronto Stock Exchange (19,040.78, down 163.64 points.) Whitecap Resources Inc. (TSX:WCP). Energy. Down 37 cents, or 6.53 per cent, to $5.30 on seven million shares. Air Canada (TSX:AC). Industrials. Down 89 cents, or 3.69 per cent, to $23.26 on 6.3 million shares. Suncor Energy Inc. (TSX:SU). Energy. Down 95 cents, or 3.63 per cent, to $25.22 on 6.3 million shares. Cenovus Energy Inc. (TSX:CVE). Energy. Down 63 cents, or 6.4 per cent, to $9.22 on 6.2 million shares. Manulife Financial Corp. (TSX:MFC). Financials. Down 59 cents, or 2.18 per cent, to $26.48 on 5.6 million shares. Enbridge Inc. (TSX:ENB). Energy. Down 42 cents, or 0.9 per cent, to $46.40 on 5.4 million shares. Companies in the news: Canadian National Railway Co. (TSX:CNR). Down $9.31, or 6.3 per cent, to $138.85. The CEO of Canadian National Railway Co. says his company's bid for Kansas City Southern will create a combined "safer, faster, cleaner and stronger railway" than the one proposed by rival Canadian Pacific Railway Ltd. On Tuesday, the Montreal-based railway announced a cash-and-stock bid valued at US$33.7 billion for Kansas City-based KCS, topping one made last month by Calgary-based CP Rail valued at US$25 billion. In a news release late Tuesday afternoon, CP said CN's bid is "massively complex and likely to fail" because it would create the third-largest Class 1 railroad in North America, thus throwing off the rail industry's competitive balance and falling short with regulators. Analyst Cameron Doerksen of National Bank Financial predicted there could be a bidding war. CN plans to assume US$3.8 billion of KCS debt under its plan. Rogers Communications Inc. (TSX:RCI.B). Down 14 cents to $61.54. Rogers Communications Inc. is offering wireless customers a credit following a massive nationwide outage, but questions linger over the company's planned takeover of Shaw Communications Inc. The company said in an email on Tuesday that a credit equivalent to Monday's wireless service fee would be applied to a future bill automatically, with no action required by customers. Rogers chief technology officer Jorge Fernandes said in a statement the root cause of the outage was a recent software update by the company's network partner Ericsson. The nearly daylong wireless interruption had deep economic implications, experts said. The issue impacted business sales and services such as food delivery and curbside pickup, as well as the ability for some Rogers customers to book or check in for medical appointments. Many users expressed frustration with the outage that left them without service, noting that they rely on the wireless service to work from home under ongoing COVID-19 restrictions. SNC-Lavalin Inc. (TSX:SNC). Up eight cents to $27.30. SNC-Lavalin says the World Bank has given the Quebec engineering firm an early reprieve from its list of banned companies over corruption tied to contracts in Bangladesh and Cambodia. In a press release on Tuesday, the Montreal-based company says the international financial institution had agreed to lift sanctions imposed on it and scores of affiliates that were initially to be spread over a decade. The move means SNC-Lavalin will be able to resume bidding and carry on work funded by the World Bank and several regional banks that are expected to deploy US$160 billion by the end of June in developing countries. It is also expected to have a positive impact on the reputation of the company, which has taken a series of steps in an attempt to turn the page on its image, which has been marred by corruption scandals. When it cracked down on SNC-Lavalin in 2013, the World Bank stressed that the 10-year delisting was the “longest exclusion period ever.” The blacklisting was reduced to eight years since the firm met the international institution's compliance requirements. SNC-Lavalin CEO Ian Edwards says the company had "done its homework" since 2012. This report by The Canadian Press was first published April 20, 2021. The Canadian Press

  • Oil Prices Up: Buy Suncor and These Energy Stocks Now
    The Motley Fool

    Oil Prices Up: Buy Suncor and These Energy Stocks Now

    The uptick in oil prices should drive investors to buy energy stocks like Suncor Energy Inc. (TSX:SU)(NYSE:SU) and others today. The post Oil Prices Up: Buy Suncor and These Energy Stocks Now appeared first on The Motley Fool Canada.