EnCana's Subsidiary Completes $3.5B Private Debt Offering
EnCana's wholly-owned subsidiary Cenovus Energy Inc. has completed, in three tranches, a US $3.5 billion private offering of debt securities which are exempt from the registration requirements of the Securities Act of 1933 under Rule 144A and Regulation S.
The three tranches are:
- US $800 million 4.50% senior notes due September 15, 2014
- US $1.3 billion 5.70% senior notes due October 15, 2019
- US $1.4 billion 6.75% senior notes due November 15, 2039
These debt securities have been assigned provisional ratings of BBB+ by Standard & Poor's Corporation and A (low) by DBRS Limited, and Baa2 by Moody’s Investors Services, Inc.
As previously announced, Cenovus has arranged a commitment for revolving and bridge credit facilities in the amounts of C$2 billion and US $3 billion, respectively, in connection with the proposed Plan of Arrangement as outlined in EnCana’s news release of September 10, 2009.
The proceeds of the private offering will eliminate the need for the US $3 billion bridge credit facility. The net proceeds of the private offering were placed into an escrow account pending the completion of the Arrangement.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension