{"id":51591,"date":"2026-02-26T20:38:07","date_gmt":"2026-02-27T01:38:07","guid":{"rendered":"https:\/\/prefblog.com\/?p=51591"},"modified":"2026-02-26T20:38:24","modified_gmt":"2026-02-27T01:38:24","slug":"cve-pr-a-cve-pr-b-to-be-redeemed","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51591","title":{"rendered":"CVE.PR.A & CVE.PR.B To Be Redeemed"},"content":{"rendered":"

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

it will exercise its right to redeem its 2.577% Series 1 Preferred Shares (the \u201cSeries 1 Preferred Shares\u201d) and its 3.948% Series 2 Preferred Shares (the \u201cSeries 2 Preferred Shares\u201d, collectively, the \u201cSeries 1 & 2 Preferred Shares\u201d) on March 31, 2026 (the \u201cRedemption\u201d). All of the Series 1 & 2 Preferred Shares outstanding will be redeemed at the price of $25.00 per share, for an aggregate amount payable to holders of $300 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 quarterly dividends of $0.16106 per Series 1 Preferred Share and $0.24337 per Series 2 Preferred Share, each payable on March 31, 2026, to shareholders of record as of March 13, 2026. These will be the final dividends paid on the Series 1 & 2 Preferred Shares.<\/p>\n

Inquiries from registered holders of Series 1 & 2 Preferred Shares should be directed to Cenovus\u2019s 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 1 & 2 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.A was issued as HSE.PR.A<\/a>, a FixedReset, 4.45%+173, on 2011-3-18 after being announced 2011-3-10<\/a>. Notice of extension was published in February, 2016<\/a> and the issue reset to 2.404%<\/a>. I recommended against conversion<\/a> but there was a 13% conversion to the FloatingReset HSE.PR.B<\/a> anyway. The ticker changed to CVE.PR.A<\/a> following the Plan of Arrangement between HSE and CVE. CVE.PR.A reset to 2.577%<\/a> in 2021 and there was a 3% net conversion to the FixedReset<\/a>.<\/p>\n

CVE.PR.B is a FloatingReset, Bills+173, that arose via a partial conversion from HSE.PR.A to HSE.PR.B<\/a> in 2016. The ticker changed to CVE.PR.B<\/a> following the Plan of Arrangement between HSE and CVE.<\/p>\n

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

Cenovus Energy Inc. has announced: it will exercise its right to redeem its 2.577% Series 1 Preferred Shares (the \u201cSeries 1 Preferred Shares\u201d) and its 3.948% Series 2 Preferred Shares (the \u201cSeries 2 Preferred Shares\u201d, …<\/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-51591","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51591","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=51591"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51591\/revisions"}],"predecessor-version":[{"id":51592,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51591\/revisions\/51592"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}