Cenovus Energy to retire bridge facility tranche via asset sale

By Marisa Wong

Morgantown, W.Va., Sept. 5 – Cenovus Energy Inc. said it intends to retire the first tranche of its C$3.6 billion bridge facility using proceeds from an asset sale.

The company said it has reached an agreement to sell its Pelican Lake heavy oil operations and other assets in northern Alberta for proceeds of C$975 million.

The bridge facility was put in place to help fund Cenovus’ acquisition of assets form ConocoPhillips earlier this year, according to a press release.

The two remaining tranches mature in November 2018 and May 2019.

Cenovus is a Calgary, Alta.-based oil company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.