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Cenovus Energy files for $7.5 billion mixed shelf offering
September 28, 2017 / 10:19 PM / 24 days ago

Cenovus Energy files for $7.5 billion mixed shelf offering

CALGARY, Alberta (Reuters) - Canadian oil and gas producer Cenovus Energy (CVE.TO) filed a mixed shelf offering for $7.5 billion with Canada and U.S. regulators on Thursday, although the company said it currently has no plans to issue more debt or equity.

President and CEO Brian Ferguson of Cenovus Energy addresses shareholders during the company's annual general meeting in Calgary, Alberta, April 29, 2015. REUTERS/Todd Korol

In a mixed shelf a company may sell securities in one or more separate offerings without filing a prospectus for each one. The filing does not necessarily mean the securities will be sold.

Cenovus spokesman Reg Curren said the filing is a “corporate housekeeping measure” that updates the company’s existing prospectus for a $5 billion mixed shelf offering, which expires next year.

It means the company will be able to cover existing debt and equity commitments related to its $13.3 billion purchase of ConocoPhillips (COP.N) assets, which closed earlier this year, and provides extra capacity for spending over the next 25 months, Curren said.

Reporting by Nia Williams; Editing by Leslie Adler

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