Each one in plain English, with the numbers worked through for a shareholder.
21 Nov 2025capital raising announcement● NeutralMajor
Cenovus closed a public offering of $2.6 billion of senior notes: $650 million 4.250% due 2033, $550 million 4.600% due 2035, US$500 million 4.650% due 2031 and US$500 million 5.400% due 2036. It will redeem its $750 million 3.600% notes due 2027 (December 22, 2025), its US$373 million 4.250% notes due 2027 and MEG Energy Corp.'s US$600 million 5.875% notes due 2029 (both December 1, 2025). Proceeds are to refinance those notes and for general corporate purposes. Redeeming MEG's notes suggests (inference) that Cenovus now controls MEG, but this filing does not say the MEG deal has closed.
14 Oct 2021capital raising announcement▲ GoodMajor
The Headwater share sale closed with Cenovus selling all 50 million of its Headwater shares at $4.55 for $227.5 million gross (about $218.4 million net after underwriter fees), including 5 million shares from the fully exercised over-allotment option. Cenovus still holds the 15 million warrants at $2.00 until December 2, 2023. The December 2020 Investor Agreement ended automatically, and Sarah Walters resigned from Headwater's board, while Kam Sandhar is expected to remain. This resolves the Headwater stake thread (shares gone, warrants kept) and the proceeds go toward the $10 billion net debt target and shareholder returns.
Because of strong demand, the Headwater share sale was increased from 25 million to 45 million shares at the same $4.55 price, raising gross proceeds to $204.75 million. There is also an option for 5 million more shares. After closing Cenovus would hold 5 million shares (about 2.5%) plus its 15 million warrants, or none if the option is fully exercised. This expands the previous day's offering and speeds up the exit from the Marten Hills-related stake.
Cenovus and Headwater announced a bought deal in which underwriters agree to buy 25 million Headwater shares from Cenovus at $4.55 each, for $113.75 million gross. This would cut Cenovus's Headwater holding from 50 million shares (about 24.7%) to 25 million (about 12.3%), while it keeps its 15 million $2.00 warrants. Cenovus says the sale is part of reducing net debt toward the $10 billion interim target and accelerating shareholder returns. This starts the sell-down of the stake received in the December 2020 Marten Hills sale; closing is expected around October 14, 2021.
Cenovus closed a US public offering of US$1.25 billion of senior notes: US$500 million at 2.650% due 2032 and US$750 million at 3.750% due 2052. The money will partly fund buying back certain of its existing senior notes under previously announced tender offers, with any leftover used to cut debt and for general purposes. Cenovus says it expects to reach its $10 billion interim net debt target within 2021 if commodity prices and exchange rates hold, which continues the deleveraging thread. The filing does not say which notes are being repurchased or at what amounts.
Cenovus closed a US$1 billion public offering of 5.375% senior unsecured notes due 2025, issued under its September 19, 2019 shelf prospectus. The proceeds will repay short-term debt under its $4.5 billion committed credit facility and other short-term debt, so this replaces bank borrowing with longer-dated notes rather than adding net new debt (inference). The risk section mentions the coronavirus pandemic and depressed oil prices.
At its Investor Day, Cenovus set a five-year plan through 2024 with about $11 billion of cumulative free funds flow (at mid-cycle WTI of US$57-60), 2-3% yearly production growth to about 550,000 BOE/d, and a 25% dividend increase to $0.0625 per share for Q4 2019, payable Dec 31, 2019. It lowered 2019 capital guidance to $1.1-1.2 billion and says it still aims for a $5 billion net debt target, which it believes is achievable in 12 to 18 months. After that, it says it would consider share repurchases, possibly including a monetization of the Cenovus shares ConocoPhillips holds. This follows through on the 2017 promise to consider dividend growth and buybacks once debt came down, though the debt target is not yet reached.
Cenovus closed a bought-deal sale of 187.5 million common shares at $16.00 each, raising $3.0 billion, to fund part of the cash price for the ConocoPhillips Western Canada asset purchase. If the purchase does not complete, it may use the money for debt reduction, growth, capital spending, buybacks or general purposes. Existing shareholders are diluted by the new shares (inference from the share issue; total shares outstanding not stated in the filing).
3 Mar 2015capital raising announcement● NeutralMajor
Cenovus closed a bought-deal share sale of 67.5 million common shares at $22.25 each, raising about $1.5 billion. It plans to use the proceeds to partly fund its previously announced $1.8-2.0 billion 2015 capital program, repay commercial paper as it matures, and for general corporate purposes. Existing shareholders are diluted by the new shares (inference from the share issue; the filing does not give total shares outstanding).
What it means for a shareholder
67.5m new shares at C$22.25 to raise about C$1.50bn. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
15 Aug 2013capital raising announcement● NeutralMajor
Cenovus closed a US$800 million bond sale (US$450 million 3.8% notes due 2023 and US$350 million 5.2% notes due 2043). The proceeds will partly fund redeeming its US$800 million 4.5% notes due 2014, which were the notes issued in September 2009 and covered by the 2010 exchange offer; redemption is payable September 16, 2013. This swaps near-term debt for longer-dated debt.
17 Aug 2012capital raising announcement● NeutralMajor
Cenovus completed a US$1.25 billion public bond sale: US$500 million of 3% notes due August 15, 2022 and US$750 million of 4.45% notes due September 15, 2042, issued under its June 6, 2012 shelf prospectus. The CFO said the offering supports its financial position and flexibility as it executes its growth plan. The filing does not state a use of proceeds.
