Cenovus announces closing of $2.6 billion offering of senior notes and redemption of select notes

Executive Summary

• Cenovus Energy completed a $2.6 billion senior notes offering comprising four tranches of U.S. and Canadian dollar‑denominated securities.
• The company will redeem its outstanding 3.600% (US$750 M) and 4.250% (US$373 M) notes, plus MEG Energy’s 5.875% (US$600 M) notes on Dec 1 and Dec 22, 2025.
• Net proceeds will be used to refinance the redeemed debt and for general corporate purposes.

Key Details

• Offering composition:
• US$650 M – 4.250% senior unsecured notes due 2033 (Canadian dollars)
• US$550 M – 4.600% senior unsecured notes due 2035 (Canadian dollars)
• US$500 M – 4.650% senior unsecured notes due 2031 (U.S. dollars)
• US$500 M – 5.400% senior unsecured notes due 2036 (U.S. dollars)
• Total gross proceeds: $2.6 billion.
• Prospectus basis: Short‑form base shelf prospectus dated Nov 3, 2023; supplements filed Nov 18, 2025.
• Redemption schedule:
• 4.250% notes (US$373 M) and MEG Energy’s 5.875% notes (US$600 M) – redemption on Dec 1, 2025.
• 3.600% notes (US$750 M) – redemption on Dec 22, 2025.
• Redemption price: Calculated per the respective indentures governing each series of notes.
• Use of proceeds: Primarily to refinance the redeemed debt; remaining funds for general corporate purposes.
• Contact information for holders:
• Non‑registered holders (banks, brokerages) – contact DTC customer service.
• Beneficial holders – contact their brokerage or financial institution.

Notable Quotes

(No executive quotes were included in the release.)