Shearman And Sterling

News June 17, 2019

Cenovus Energy Inc.’s Cash Tender Offers

Shearman & Sterling advised the dealer-managers in connection with the waterfall cash tenders offer by Cenovus Energy Inc. to repurchase its 4.450 percent notes due 2042, 5.200 percent notes due 2043, 3.000 percent notes due 2022, 4.250 percent notes due 2027, 5.250 percent notes due 2037, 5.400 percent notes due 2047 and 3.800 percent notes due 2023. The tender offers, originally for up to $500 million, were fully subscribed, and Cenovus increased the overall principal amount of the repurchase to $748 million.

Cenovus is a Canadian integrated oil and natural gas company. Its operations include oil sands projects in northern Alberta, which use specialized methods to drill and pump the oil to the surface, and established natural gas and oil production in Alberta and British Columbia. Cenovus also has 50 percent ownership in two U.S. refineries.

The Shearman & Sterling team below was supported by counsel Kevin Roggow (Toronto–Capital Markets).

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