The prospectus supplement, the related base prospectus and any amendments thereto in connection with the Canadian Notes offering will be available on SEDAR+ within two business days.
CALGARY, Alberta, Nov. 18, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (“Cenovus”) (TSX: CVE) (NYSE: CVE) announced today that it has priced an offering of $2.6 billion in aggregate principal amount of senior unsecured notes. The notes offered consist of four tranches of Canadian and U.S. dollar denominations (“Canadian Notes” and “U.S. Notes,” respectively).
The Canadian Notes consist of US$650 million principal amount with a 4.25% coupon and US$550 million principal amount with a 4.60% coupon, maturing on March 20, 2033 and November 20, 2035, respectively. The U.S. Notes consist of US$500 million principal amount at a 4.65% coupon and US$500 million principal amount at a 5.40% coupon, maturing on March 20, 2031 and March 20, 2036, respectively. The offerings are expected to close on November 20, 2025, subject to customary closing conditions.
Cenovus intends to use the net proceeds from the offering to fund the repayment of $750 million in aggregate principal amount of its 3.60% senior notes due 2027 and $373 million aggregate principal amount of its 4.25% senior notes due 2027 and to finance the repayment of MEG Energy Corp.'s aggregate principal amount of senior notes. for US$600 million due 2029 with a yield of 5.875% and for general purposes. corporate purposes.
The notes are being offered through a syndicate of dealers led by CIBC Capital Markets, JP Morgan Securities LLC., TD Securities Inc., Goldman Sachs & Co. LLC and Mizuho Securities USA LLC.
The Canadian Notes are being offered in all provinces and territories of Canada as a supplement to Cenovus' short form base prospectus dated November 3, 2023. in Canada and the United States, as well as in certain Canadian provinces, on a private placement basis pursuant to an offering memorandum.
Access to the prospectus, base prospectus and any amendments thereto relating to the Canadian Notes is provided in accordance with Canadian securities laws regarding procedures for making available the prospectus supplement, base prospectus and any amendments. The base prospectus and prospectus supplement will be available (within two business days from the date hereof) on Cenovus' SEDAR+ profile at: www.sedarplus.ca. An electronic or paper copy of the prospectus supplement (upon filing), the base prospectus and any amendments thereto may be obtained free of charge from CIBC Capital Markets by telephone at 416-594-8515 or by email at: [email protected] and from JP Morgan Securities Canada Inc. by phone: 403-532-2126 and from TD Securities Inc. by phone: 416-982-2243 or email: [email protected]by providing the contact person with an email address or address, as appropriate. The base prospectus and prospectus supplement, including the documents incorporated by reference, contain important and detailed information about Cenovus and the Canadian Notes offering. Prospective investors should read the base shelf prospectus and the prospectus supplement (upon filing) before making an investment decision with respect to Canadian bonds.
Cenovus has filed with the Securities and Exchange Commission (SEC) a registration statement (including a prospectus) and a prospectus supplement for the U.S. notes to which this press release relates. Before investing in the U.S. Notes, you should read the prospectus in this registration statement, the prospectus supplement and the other documents that Cenovus has filed with the SEC for more complete information about Cenovus and the offering of the U.S. Notes. You can obtain these documents free of charge by visiting EDGAR on the SEC website at: sec.gov. Alternatively, Cenovus, any underwriter or any dealer participating in the U.S. bond offering will arrange for the prospectus and prospectus supplement to be sent to you if you request one by calling JP Morgan Securities LLC at 212-834-4533, CIBC Capital Markets toll-free at 800-282-0822, Goldman Sachs & Co. LLC toll-free at 866-471-2526 or Mizuho Securities USA LLC toll-free at 866-271-7403.
This press release does not constitute an offer to sell or the solicitation of any offer to buy, and there will be no sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.
Advisory
Forward-Looking Information
This press release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable securities laws, including the United States Private Securities Litigation Reform Act of 1995, about Cenovus's current expectations, estimates and projections regarding the future of the company, which are based on certain assumptions made in light of experience and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct.
Forward-looking information in this press release is identified by words such as “will” or similar expressions and includes statements about future performance, including, without limitation, statements regarding the closing of the Canadian and U.S. bond offerings and the use of proceeds thereof, including the redemption of outstanding notes.
The development of forward-looking information involves the use of a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that are applicable to the industry generally.
Readers are cautioned that other events or circumstances, although not listed above, could cause Cenovus's actual results to differ materially from those anticipated or projected, expressed or implied in the forward-looking statements.
For additional information regarding Cenovus's significant risk factors, assumptions made, and risks and uncertainties that could cause actual results to differ from those expected, see the “Risk Management and Risk Factors” and “Advice” sections in Cenovus's Management's Discussion and Analysis for the periods ended December 31, 2024 and September 30, 2025 and risk factors, assumptions and the uncertainties described in other securities filings made by Cenovus from time to time. Canadian regulators (available on SEDAR+ at sedarplus.ca and about EDGAR in sec.gov).
Cenovus Energy Inc.
Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia-Pacific region, as well as upgrading, refining and marketing operations in Canada and the United States. The Company strives to maximize value by developing its assets in a safe, responsible and cost-effective manner, integrating environmental, social and governance aspects into its business plans. Cenovus' common shares and warrants are listed on the Toronto and New York stock exchanges and the company's preferred shares are listed on the Toronto Stock Exchange.
Cenovus contacts:
Investors
General Investor Relations Line
403-766-7711
Media
General Media Relations Line
403-766-7751
