Cenovus Energy announces $2.6 billion offering of senior notes

Executive Summary

• Cenovus Energy priced a $2.6 billion senior unsecured notes offering consisting of four tranches (Canadian and U.S. denominations) with coupons ranging from 4.25% to 5.40% and maturities between 2031 and 2036.
• Net proceeds will be used to redeem existing senior notes ($750 million at 3.60% due 2027, $373 million at 4.25% due 2027) and to fund the redemption of MEG Energy Corp.’s $600 million senior notes (5.875% due 2029), with any remaining amount allocated to general corporate purposes.
• The offering is being led by a syndicate of CIBC Capital Markets, J.P. Morgan Securities, TD Securities, Goldman Sachs & Co., and Mizuho Securities; closing expected on November 20, 2025.

Key Details

• Total Offering Size: $2.6 billion aggregate principal amount.
• Canadian Notes Tranches:
• $650 million at 4.25% coupon, maturing March 20, 2033.
• $550 million at 4.60% coupon, maturing November 20, 2035.
• U.S. Notes Tranches:
• US$500 million at 4.65% coupon, maturing March 20, 2031.
• US$500 million at 5.40% coupon, maturing March 20, 2036.
• Use of Proceeds:
• Redemption of existing senior notes: $750 million (3.60% due 2027) and $373 million (4.25% due 2027).
• Redemption of MEG Energy Corp.’s senior notes: US$600 million (5.875% due 2029).
• Remainder for general corporate purposes.
• Syndicate Lead Managers: CIBC Capital Markets, J.P. Morgan Securities LLC., TD Securities Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC.
• Closing Date: Expected November 20, 2025, subject to customary conditions.
• Regulatory Access: Prospectus supplement and base shelf prospectus available on SEDAR+ within two business days; U.S. notes filing accessible via SEC EDGAR (Form F‑10).

Notable Quotes

(No executive quotes were included in the release.)