{"id":47918,"date":"2025-02-27T15:48:00","date_gmt":"2025-02-27T15:48:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=47918"},"modified":"2025-06-24T15:55:53","modified_gmt":"2025-06-24T15:55:53","slug":"cve-pr-e-to-be-redeemed","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=47918","title":{"rendered":"CVE.PR.E To Be Redeemed"},"content":{"rendered":"

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

it will exercise its right to redeem the Company\u2019s 4.591% Series 5 Preferred Shares (the \u201cSeries 5 Preferred Shares\u201d) on March 31, 2025 (the \u201cRedemption\u201d). All 8 million Series 5 Preferred Shares outstanding will be redeemed at the price of $25.00 per share, for an aggregate amount payable to holders of $200 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 $0.28694 per Series 5 Preferred Share payable on March 31, 2025, to shareholders of record as of March 14, 2025. This will be the final dividend paid on the Series 5 Preferred Shares.<\/p>\n

Inquiries from registered holders of Series 5 Preferred Shares should be directed to Cenovus’s 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 5 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.E was issued as HSE.PR.E, a FixedReset, 4.50%+357, that commenced trading 2015-3-12<\/a> after being announced 2015-3-4<\/a>. It reset at 4.591%<\/a> effective 2020-3-31. I made a preliminary recommendation<\/a> not to convert. The ticker changed to CVE.PR.E<\/a> in early 2021.<\/p>\n

The issue is tracked by HIMIPref™ and has been assigned to the FixedReset (Discount) subindex. DBRS upgraded the issue to Pfd-3(high) in late 2022<\/a> (which I later thought I had not reported<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cenovus Energy Inc. has announced: it will exercise its right to redeem the Company\u2019s 4.591% Series 5 Preferred Shares (the \u201cSeries 5 Preferred Shares\u201d) on March 31, 2025 (the \u201cRedemption\u201d). All 8 million Series 5 …<\/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-47918","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47918","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=47918"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47918\/revisions"}],"predecessor-version":[{"id":47919,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47918\/revisions\/47919"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=47918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=47918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=47918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}