History
Husky Energy funded its refining and offshore operations with notes and preferred shares, cut its dividend in 2020, and by December 2020 was set to combine with Cenovus.
2013-2015: Offshore growth and refinancing
In 2013 Husky, which operated the White Rose field offshore Newfoundland and Labrador, received regulatory approval for an amendment to the South White Rose development plan, the field's third satellite extension (a smaller nearby deposit tied back to the main field). The amendment added gas injection and opened access to an estimated 6.5 million extra barrels, Husky's share, on top of roughly 20 million barrels already targeted. Gas injection was expected to start in 2013 and first oil in 2014. The records here do not report whether that happened.
The record then jumps to March 2015, when Husky raised money to pay down short-term debt from its U.S. refining operations. It agreed to sell $750 million of 3.55% notes due March 12, 2025, in Canada only, and completed the offering on March 12. The same day it closed an upsized offering of 8,000,000 Series 5 preferred shares, raising $200 million gross at a fixed 4.50% dividend through March 31, 2020, then reset every five years.
2016-2020: Dividend cut and the Cenovus deal
The record is quiet for the next several years. The share count stayed at 1,005,120,012 from 2017 through 2020, so none of the borrowing in this period came through new common shares.
In April 2020 Husky cut its common dividend to $0.0125 per share for the quarter ended March 31, down from $0.125 the quarter before. The filing gave no reason, and regular preferred dividends were maintained. In August 2020 it agreed to issue C$1.25 billion of 3.50% notes due February 7, 2028, again in Canada only. Proceeds were for general corporate purposes, possibly including repaying a $500 million unsecured term loan.
On December 21, 2020, Husky and Cenovus Energy announced they had obtained all key regulatory approvals for their combination under a plan of arrangement. The deal was expected to close on January 1, 2021, with the combined company operating as Cenovus Energy Inc., headquartered in Calgary. The filings did not say what Husky shareholders would receive, so that remained unresolved at that date.
Written from the 7 story beats below (2013 to 21 Dec 2020), which come from the company's own announcements and filings.