EnCana Corp. Division Cenovus Completes Debt Offer

CALGARY, Alberta (AP) — EnCana Corp.'s subsidiary Cenovus Energy Inc. has completed a $3.5 billion private debt offering, the company said Friday.

The debt offering was issued in three increments including $800 million in 4.5 percent notes due in 2014, $1.3 billion in 5.7 percent notes due in 2019 and $1.4 billion of 6.75 percent notes due in 2039.

The debt securities have been assigned provisional ratings of "BBB+" by Standard & Poor's Corp., "A'' by DBRS Limited and "Baa2" by Moody's Investors Services Inc.

The proceeds of the private offering will eliminate the need for a $3 billion bridge credit facility previously arranged, the company said in a statement.

EnCana's shares fell $1.24, or 2 percent, to $57.67 in afternoon trading.