Cenovus Energy to sell up to $5 bln in securities amid oil slump

Fri Feb 12, 2016 6:37am EST
 
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Feb 12 (Reuters) - Canadian oil producer Cenovus Energy Inc said it would sell up to $5 billion of stock, debt and other securities in one or more tranches, a day after it cuts its dividend, to shore up cash amid a slump in oil prices.

The mixed shelf offering - where a company may sell securities in one or more separate offerings with the size, price and terms to be determined at the time of sale - comes after the company also said it would cut its 2016 budget and lay off more employees. (1.usa.gov/1WhvZXF) (Reporting by Anet Josline Pinto in Bengaluru; Editing by Shounak Dasgupta)