{"id":47628,"date":"2024-11-25T19:46:07","date_gmt":"2024-11-26T00:46:07","guid":{"rendered":"https:\/\/prefblog.com\/?p=47628"},"modified":"2024-11-25T19:46:07","modified_gmt":"2024-11-26T00:46:07","slug":"cve-pr-c-to-be-redeemed","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=47628","title":{"rendered":"CVE.PR.C To Be Redeemed"},"content":{"rendered":"

Cenovus Energy Inc. has announced<\/a>:<\/p>\n

it will exercise its right to redeem the Company\u2019s 4.689% Series 3 Preferred Shares (the \u201cSeries 3 Preferred Shares\u201d) on December 31, 2024 (the \u201cRedemption\u201d). 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.<\/p>\n

As previously announced, the Company\u2019s 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.<\/p>\n

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.<\/p><\/blockquote>\n

CVE.PR.C was issued as HSE.PR.C, a FixedReset, 4.50%+313, that commenced trading 2014-12-9<\/a> after being announced 2014-12-1<\/a>. The initial reset rate announcement<\/a> was quickly determined to be anomalous<\/a> and eventually corrected<\/a>. HSE.PR.C reset at 4.689%<\/a> effective December 31, 2019 and there was no conversion<\/a>. The ticker changed<\/a> in January, 2021; the credit rating had shortly prior been downgraded<\/a> in connection with the takeover; it was upgraded to Pfd-3(high)<\/a> about a year later. The issue is tracked by HIMIPref\u2122 and has been assigned to the Scraps – FixedResets-Discount subindex since the 2021 downgrade.<\/p>\n

Thanks to Assiduous Readers niagara<\/a><\/i> and CanSiamCyp<\/a><\/i> for bringing this to my attention!<\/p>\n","protected":false},"excerpt":{"rendered":"

Cenovus Energy Inc. has announced: it will exercise its right to redeem the Company\u2019s 4.689% Series 3 Preferred Shares (the \u201cSeries 3 Preferred Shares\u201d) on December 31, 2024 (the \u201cRedemption\u201d). All 10 million Series 3 …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-47628","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=47628"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47628\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=47628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=47628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=47628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}