{"id":479565,"date":"2021-04-21T08:33:16","date_gmt":"2021-04-21T12:33:16","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/cenovus-announces-successful-consent-solicitation-with-respect-to-cenovuss-6-80-notes-due-2037\/"},"modified":"2021-04-21T08:33:16","modified_gmt":"2021-04-21T12:33:16","slug":"cenovus-announces-successful-consent-solicitation-with-respect-to-cenovuss-6-80-notes-due-2037","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cenovus-announces-successful-consent-solicitation-with-respect-to-cenovuss-6-80-notes-due-2037\/","title":{"rendered":"Cenovus announces successful Consent Solicitation with respect to Cenovus\u2019s 6.80% Notes due 2037"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"left\">CALGARY, Alberta, April  21, 2021  (GLOBE NEWSWIRE) &#8212; Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced the expiration and results of the previously announced consent solicitation (the \u201cConsent Solicitation\u201d) and receipt of the consents necessary to effect an amendment to the pledge agreement (the \u201c2037 Notes Pledge Agreement\u201d) in respect of Cenovus\u2019s outstanding 6.80% Notes due 2037 (the \u201c2037 Notes\u201d). The 2037 Notes were issued under an indenture, dated as of September 11, 2007 (as supplemented and amended, the \u201cIndenture\u201d) between Cenovus (as successor by amalgamation to Husky Energy Inc. (\u201cHusky\u201d)) and Wells Fargo Bank, National Association (as successor trustee to The Bank of Nova Scotia Trust Company of New York) (the \u201cTrustee\u201d). The Indenture also governs the outstanding 4.40% Notes due 2029 (the \u201c2029 Notes\u201d), 4.00% Notes due 2024 (the \u201c2024 Notes\u201d) and 3.95% Notes due 2022 (the \u201c2022 Notes\u201d) of Cenovus (in each case, originally issued by Husky).<\/p>\n<p>\n        <strong>Consent Solicitation<\/strong><br \/>\n        <br \/>Subject to the terms and conditions described in Cenovus\u2019s Consent Solicitation Statement, dated April 12, 2021 (the \u201cSolicitation Statement\u201d), Cenovus solicited consents from the holders of the 2037 Notes as of the Record Date (as defined in the Solicitation Statement) (\u201cHolders\u201d) to conform the 2037 Notes Pledge Agreement to the pledge agreements in respect of the 2029 Notes and the 2024 Notes (the \u201cAmendment\u201d).<\/p>\n<p>In conjunction with receiving the requisite consents, Cenovus will promptly execute and deliver an amendment to the 2037 Notes Pledge Agreement, pursuant to which the Amendment will become operative. Except for the Amendment, all of the existing terms of the 2037 Notes, the Indenture and the 2037 Notes Pledge Agreement will remain unchanged.<\/p>\n<p>Cenovus will pay the consent payment detailed in the table below to the Holders whose consents were validly delivered (and not revoked) prior to the expiration of the Consent Solicitation, as early as April 21, 2021 subject to the terms and conditions described in the Solicitation Statement. The 2037 Notes are currently rated Baa3 with a negative outlook and BBB- with a stable outlook by Moody\u2019s and S&amp;P Global Ratings, respectively. Cenovus does not expect that the Amendment will affect these ratings.<\/p>\n<table style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:25%;width:25%;min-width:25%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Series of <\/strong><br \/>\n            <br \/>\n            <strong>Notes<\/strong>\n          <\/td>\n<td style=\"max-width:25%;width:25%;min-width:25%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>CUSIP\/ ISIN <\/strong><br \/>\n            <br \/>\n            <strong>Number<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"max-width:25%;width:25%;min-width:25%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Outstanding Aggregate Principal Amount<\/strong>\n          <\/td>\n<td style=\"max-width:25%;width:25%;min-width:25%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Consent <\/strong><br \/>\n            <br \/>\n            <strong>Payment<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">6.80% Notes <br \/>due 2037<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">CUSIP: 448055AD5<br \/>ISIN: US448055AD59<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;vertical-align: top;text-align: left;vertical-align: middle\">$386,773,000<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">$1.00 per $1,000 principal amount of the 2037 Notes<\/td>\n<\/tr>\n<\/table>\n<p>No Consents were solicited from holders of the 2029 Notes, the 2024 Notes or the 2022 Notes, and the Amendment has no effect on any of these series of notes.<\/p>\n<p>This announcement is for information purposes only and is neither an offer to sell nor a solicitation of an offer to buy any 2037 Notes or any other securities.<\/p>\n<p>References in this news release to &#8220;dollars&#8221; or &#8220;$&#8221; are to United\u00a0States dollars.<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <u>ADVISORY<\/u><br \/>\n        <\/strong><br \/>\n        <br \/>\n        <strong>Forward-looking Information<\/strong><br \/>\n        <br \/>This news release contains certain forward-looking statements and forward-looking information (collectively referred to as \u201cforward-looking information\u201d) within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995, about our current expectations, estimates and projections about the future, based on certain assumptions made by us in light of our experience and perception 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. Readers are cautioned not to place undue reliance on forward-looking information as actual results may differ materially from those expressed or implied. Cenovus undertakes no obligation to update or revise any forward-looking information except as required by law.<\/p>\n<p>Forward-looking information in this document is identified by words such as \u201cexpect\u201d, or \u201cwill\u201d, or similar expressions and includes suggestions of future outcomes.<\/p>\n<p>Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally.<\/p>\n<p>Readers are cautioned that other events or circumstances, although not listed above, could cause Cenovus\u2019s actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking statements. For a full discussion of material risk factors, refer to Risk Management and Risk Factors in Cenovus\u2019s <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=zFw1B-NN5xbP65FkBdidjxDCNCMVc2z1mqLAWZoDS6xnR0EHHAjiVk0DWpfNCNsIfpXZixUwX7e7UV_lNacOC1CnRnLgJfmTx5KZ6nWHhg7xZFG5Kj53cRZGuaAZt0o0_SfDaX4WPcoX7X04M00YwCG22kUej9Np5YEt0TjGHfqVLzkNk1w_Zhc7g0IlVf2K\" rel=\"nofollow noopener\" target=\"_blank\">Management\u2019s Discussion and Analysis<\/a> of the financial and operating results for the year ended December 31, 2020 and the risk factors set forth under the heading \u201cRisk Factors\u201d in Cenovus\u2019s <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=43pm78zx6AobXyprGB5SyAikNEbCGGqAj_4-3Ed7-CyYqniUE9eD0VdFeKn0C1rbivXQg-Oowu3DSqlanz2OFZApZdKe_MaFOOjsI17zexGuS3v6TZnFmO8hWt_V0D-079e_3DOHHq_6NlQYHmlhePwhTyuSLVrzwjfIrsFdu6o=\" rel=\"nofollow noopener\" target=\"_blank\">Annual Information Form<\/a>, and to the risk factors described in other documents Cenovus files from time to time with securities regulatory authorities in Canada, available on SEDAR at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=eV4U8JBW_vjtVX02IwivEtaSDMuYuQlmjdL9Uz-f0SpU8pp4iJgCF_O_R0hULHkgO3OUYe3wUcdlj0wjRIkicg==\" rel=\"nofollow noopener\" target=\"_blank\">sedar.com<\/a>, and with the U.S. Securities and Exchange Commission on EDGAR at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=xPTZhe9K3eW47E2iI8BTp0OkSWMjZIjlkSWRc1KP1jDh7iK3dJKr9zvchZSOfvxi\" rel=\"nofollow noopener\" target=\"_blank\">sec.gov<\/a>, and on its website at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Q663SrEFr683B1rqoLauDBM4fAEFmor7Z1cqbV747UMQ_1AmG-EWppO2r9iqAX96wE-iCdzcJg35Zb6dAvepqw==\" rel=\"nofollow noopener\" target=\"_blank\">cenovus.com<\/a>.<\/p>\n<p>\n        <strong>Cenovus Energy Inc.<\/strong><br \/>\n        <br \/>Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is focused on managing its assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company\u2019s preferred shares are listed on the Toronto Stock Exchange. For more information, visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Q663SrEFr683B1rqoLauDJE1lyg34a43UXd2cbj5_3JfIjSHTP1X_bdONniCUREEZNMJIBkMrfM3bd1Kj7SGnw==\" rel=\"nofollow noopener\" target=\"_blank\">cenovus.com<\/a>.<\/p>\n<p>Find Cenovus on <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=qLmIZJHlfS2YhFRBWQSTKatulcxZkQm4qGykzDIEN_GLgj2o7eddN0hvWkx2dAYR6A_5p0T5oa1u--hmV3NjBQ==\" rel=\"nofollow noopener\" target=\"_blank\">Facebook<\/a>, <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=sjsSJ--0nKsrnTlgkkPyxBzCvg0_gMyw2iWmT_crmtQ0vaIZ206t1A7dqf1hLkGAbGd_jpC-2ZBS-206cfHv8A==\" rel=\"nofollow noopener\" target=\"_blank\">Twitter<\/a>, <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=5LijOGAXE_hnCrViM7XqnhOSRVU-UQjt4pfIO-gTZ16KN6Fhq3jS7Qmt0PRdpaCxiD4KsT_pklMaCnu41U1fsB9Wilfrc1KQ2gDqgl4shas=\" rel=\"nofollow noopener\" target=\"_blank\">LinkedIn<\/a>, <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=F77B4vqNTktJAcyM9ND8m37GvwVDvLIhKkgzWm5tXRARrMGKdEX3UfWDylNInQoVXETTgC6FTSPeIfBn8UdAXipZJB0tzyn1qtticTW85Yc=\" rel=\"nofollow noopener\" target=\"_blank\">YouTube<\/a> and <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=As-lBvGqMJp-THHiwC9MdElWRBCFgywi-f38V5i8eJGwV9ccUGPKYAb6kBuHjOmfR_LyGt5_7GXG4xKcLknD6kb6HcSTn5vKuzv_5PNfN4c=\" rel=\"nofollow noopener\" target=\"_blank\">Instagram<\/a>.<\/p>\n<table style=\"border-collapse: collapse;width:896px;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>CENOVUS CONTACTS:<\/strong><\/p>\n<p>            <strong>Investor Relations<\/strong><br \/>\n            <br \/>Investor Relations general line<br \/><strong>403-766-7711<\/strong><\/td>\n<td style=\"vertical-align: top\">\n<p>            <strong>Media Relations<\/strong><br \/>\n            <br \/>Media Relations general line<br \/><strong>403-766-7751<\/strong><\/td>\n<\/tr>\n<\/table>\n<p>\u00a0<\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIyMTAxNSM0MTMxMTE0IzIwMDkzMDY=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/5cc2eaf0-56c3-47a8-b913-8abbe25cb4f3\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CALGARY, Alberta, April 21, 2021 (GLOBE NEWSWIRE) &#8212; Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced the expiration and results of the previously announced consent solicitation (the \u201cConsent Solicitation\u201d) and receipt of the consents necessary to effect an amendment to the pledge agreement (the \u201c2037 Notes Pledge Agreement\u201d) in respect of Cenovus\u2019s outstanding 6.80% Notes due 2037 (the \u201c2037 Notes\u201d). The 2037 Notes were issued under an indenture, dated as of September 11, 2007 (as supplemented and amended, the \u201cIndenture\u201d) between Cenovus (as successor by amalgamation to Husky Energy Inc. (\u201cHusky\u201d)) and Wells Fargo Bank, National Association (as successor trustee to The Bank of Nova Scotia Trust Company of New York) (the \u201cTrustee\u201d). The Indenture also governs the outstanding &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cenovus-announces-successful-consent-solicitation-with-respect-to-cenovuss-6-80-notes-due-2037\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Cenovus announces successful Consent Solicitation with respect to Cenovus\u2019s 6.80% Notes due 2037&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-479565","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cenovus announces successful Consent Solicitation with respect to Cenovus\u2019s 6.80% Notes due 2037 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cenovus-announces-successful-consent-solicitation-with-respect-to-cenovuss-6-80-notes-due-2037\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cenovus announces successful Consent Solicitation with respect to Cenovus\u2019s 6.80% Notes due 2037 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"CALGARY, Alberta, April 21, 2021 (GLOBE NEWSWIRE) &#8212; Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced the expiration and results of the previously announced consent solicitation (the \u201cConsent Solicitation\u201d) and receipt of the consents necessary to effect an amendment to the pledge agreement (the \u201c2037 Notes Pledge Agreement\u201d) in respect of Cenovus\u2019s outstanding 6.80% Notes due 2037 (the \u201c2037 Notes\u201d). The 2037 Notes were issued under an indenture, dated as of September 11, 2007 (as supplemented and amended, the \u201cIndenture\u201d) between Cenovus (as successor by amalgamation to Husky Energy Inc. (\u201cHusky\u201d)) and Wells Fargo Bank, National Association (as successor trustee to The Bank of Nova Scotia Trust Company of New York) (the \u201cTrustee\u201d). 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(TSX: CVE) (NYSE: CVE) today announced the expiration and results of the previously announced consent solicitation (the \u201cConsent Solicitation\u201d) and receipt of the consents necessary to effect an amendment to the pledge agreement (the \u201c2037 Notes Pledge Agreement\u201d) in respect of Cenovus\u2019s outstanding 6.80% Notes due 2037 (the \u201c2037 Notes\u201d). The 2037 Notes were issued under an indenture, dated as of September 11, 2007 (as supplemented and amended, the \u201cIndenture\u201d) between Cenovus (as successor by amalgamation to Husky Energy Inc. (\u201cHusky\u201d)) and Wells Fargo Bank, National Association (as successor trustee to The Bank of Nova Scotia Trust Company of New York) (the \u201cTrustee\u201d). 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