Cenovus Energy Inc. has announced:
it will exercise its right to redeem the Company’s 4.689% Series 3 Preferred Shares (the “Series 3 Preferred Shares”) on December 31, 2024 (the “Redemption”). All 10 million Series 3 Preferred Shares outstanding will be redeemed at the price of $25.00 per share, for an aggregate amount payable to holders of $250 million, less required withholdings, if any, funded primarily from cash on hand.
As previously announced, the Company’s Board of Directors has declared a quarterly dividend of $0.29306 per Series 3 Preferred Share payable on December 31, 2024, to shareholders of record as of December 13, 2024. This will be the final dividend paid on the Series 3 Preferred Shares.
Inquiries from registered holders of Series 3 Preferred Shares should be directed to our Registrar and Transfer Agent, Computershare Investor Services Inc. at 1-866-332-8898 or (514) 982-8717 outside North America. Beneficial holders, who are not directly registered holders of Series 3 Preferred Shares, should contact the financial institution, broker, or other intermediary through which they hold these shares to confirm how they will receive their redemption proceeds.
CVE.PR.C was issued as HSE.PR.C, a FixedReset, 4.50%+313, that commenced trading 2014-12-9 after being announced 2014-12-1. The initial reset rate announcement was quickly determined to be anomalous and eventually corrected. HSE.PR.C reset at 4.689% effective December 31, 2019 and there was no conversion. The ticker changed in January, 2021; the credit rating had shortly prior been downgraded in connection with the takeover; it was upgraded to Pfd-3(high) about a year later. The issue is tracked by HIMIPref™ and has been assigned to the Scraps – FixedResets-Discount subindex since the 2021 downgrade.
Thanks to Assiduous Readers niagara and CanSiamCyp for bringing this to my attention!
This entry was posted on Monday, November 25th, 2024 at 7:46 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
CVE.PR.C To Be Redeemed
Cenovus Energy Inc. has announced:
CVE.PR.C was issued as HSE.PR.C, a FixedReset, 4.50%+313, that commenced trading 2014-12-9 after being announced 2014-12-1. The initial reset rate announcement was quickly determined to be anomalous and eventually corrected. HSE.PR.C reset at 4.689% effective December 31, 2019 and there was no conversion. The ticker changed in January, 2021; the credit rating had shortly prior been downgraded in connection with the takeover; it was upgraded to Pfd-3(high) about a year later. The issue is tracked by HIMIPref™ and has been assigned to the Scraps – FixedResets-Discount subindex since the 2021 downgrade.
Thanks to Assiduous Readers niagara and CanSiamCyp for bringing this to my attention!
This entry was posted on Monday, November 25th, 2024 at 7:46 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.