Cenovus Prices $2.9B Debt Offering To Fund Acquisition Deal
Zacks Investment Research | Apr 09, 2017 09:06PM ET
Calgary-based energy player Cenovus Energy Inc. (TO:CVE) recently priced U.S. $2.9 billion of senior notes. The offering is part of the financing plan for the acquisition of assets in Western Canada from ConocoPhillips (NYSE:COP) .
The company will make the offering of senior notes in three series. It would price the offering of 4.25% senior notes due 2027 for gross proceeds of $1.2 billion. It will further make an offering of 5.25% and 5.40% senior notes due 2037 and 2047, respectively, for gross proceeds of $700 million and $1 billion, respectively. The notes will be offered and sold only to qualified institutional buyers.
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