EnCana Corporation (TSX, NYSE: ECA - News News) has completed a public offering in the United States of US$500 million notes with a coupon rate of 6.50% due May 15, 2019. The net proceeds of the offering will be used to repay a portion of EnCana's existing bank and commercial paper indebtedness.
These debt securities have been assigned a rating of A- by Standard & Poor's Ratings Services, Baa2 by Moody's Investors Service and A (low) by DBRS Limited.
The offering was made in the United States under EnCana's previously filed shelf prospectus dated March 11, 2008 and a prospectus supplement dated April 29, 2009. Banc of America Securities LLC and Deutsche Bank Securities acted as joint book-running managers for the offering.
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