Cenovus announces pricing for cash tender offers
Calgary, Alberta (June 18, 2019) – Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) has determined the pricing for the previously announced cash tender offers (the “Tender Offers”) for up to US$748,009,000 aggregate principal amount (the “Revised Maximum Amount”) of its 4.450% Notes due 2042, 5.200% Notes due 2043, 3.000% Notes due 2022, 4.250% Notes due 2027, 5.250% Notes due 2037, 5.400% Notes due 2047 and 3.800% Notes due 2023 (collectively, the “Notes”). The Tender Offers were made to all registered holders (individually, a “Holder” and collectively, the “Holders”) of the Notes upon the terms and subject to the conditions set forth in the Offer to Purchase dated June 4, 2019 (as amended or supplemented from time to time, the “Offer to Purchase”) and related Letter of Transmittal (the “Letter of Transmittal” and, together with the Offer to Purchase, the “Offer Documents”).
Cenovus will pay Holders who validly tendered and did not validly withdraw their Notes at or prior to 5:00 p.m. New York City time, on June 17, 2019 (the “Early Tender Date”) the Total Consideration specified in the table below for Notes accepted for purchase, plus accrued and unpaid interest on those Notes from the last interest payment date with respect to those Notes to, but not including, the Early Settlement Date (as defined below). The Total Consideration was determined in the manner described in the Offer Documents based on the yield to maturity of the U.S. Treasury reference securities specified in the table below (the “UST Reference Security”), as determined at 10:00 a.m. New York City time, on June 18, 2019, plus a fixed spread, calculated in accordance with the Offer Documents.