CALGARY, Alberta, Nov. 20, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) has completed a public offering in Canada and the United States of $2.6 billion in senior notes comprised of $650 million of 4.250% senior unsecured notes due 2033, $550 million of 4.600% senior unsecured notes due 2035, US$500 million of 4.650% senior unsecured notes due 2031, and US$500 million of 5.400% senior unsecured notes due 2036 (collectively, the “Offering”). The Offering was made under Cenovus’s short form base shelf prospectus dated November 3, 2023, and prospectus supplements dated November 18, 2025, filed with securities regulatory authorities in Canada and the United States, and in certain Canadian provinces on a private placement basis pursuant to an offering memorandum.
Cenovus has also announced that it will redeem the entire outstanding principal amount of its $750 million, 3.600% notes due March 10, 2027, its US$373 million, 4.250% notes due April 15, 2027, and MEG Energy Corp.’s US$600 million, 5.875% notes due February 1, 2029 (collectively, the “Notes”). Cenovus will redeem the 4.250% notes and the 5.875% notes on December 1, 2025, and the 3.600% notes on December 22, 2025 (collectively, the “Redemption Dates”). On the Redemption Dates, Cenovus will pay to the registered holders of the Notes a redemption price calculated in accordance with the applicable indentures governing the Notes.
Cenovus intends to use the net proceeds of the Offering to refinance the Notes and for general corporate purposes.
Non-registered holders (banks, brokerage firms or other financial institutions) of the Notes who maintain their interests through the Depository Trust Company (“DTC”) should contact their DTC customer service representative with any questions about the redemption of the Notes. Beneficial holders of the Notes with questions about the redemption should contact the respective brokerage firm or financial institution that holds interests in the Notes on their behalf.
This press release does not constitute a notice of redemption of the Notes.
Advisory
Forward-looking Information
This 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 U.S. Private Securities Litigation Reform Act of 1995, about Cenovus’s current expectations, estimates and projections about the future of the company, based on certain assumptions made in light of experiences and perceptions of historical trends. Although Cenovus believes the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct.
