Shearman & Sterling represented Barclays Capital, Bank of America Merrill Lynch and RBC Capital Markets in connection with a Rule 144A/Regulation S private placement of $3.5 billion of senior notes of Cenovus Energy Inc. Cenovus will use the proceeds of the offering in connection with the financing of the acquisition by Cenovus of the integrated oil assets of EnCana Corporation in a planned corporate reorganization by plan of arrangement whereby EnCana will be split into two independent companies. Cenovus is expected to be a leading integrated oil company anchored by stable production and cash flow from well-established crude oil and natural gas resource plays and is expected to be fully integrated from crude oil production through to refined products.

The following Shearman & Sterling attorneys advised the initial purchasers in the transaction: partners Christopher Cummings (Toronto-Capital Markets) and Laurence Crouch (Menlo Park-Tax)and Douglas McFadyen (New York-Tax); counsel Jeff Salinger (New York-Property/Environmental); and associates Jonathan Handyside (Toronto-Capital Markets), Tina Li (Toronto-Capital Markets), Emily Atkinson (Toronto-Finance) and Anil Kalia (Menlo Park-Tax).