RIGHT On CUE: $1.5 Billion In NEW DEBT To PAY OFF Fort Hills Suncor prices offering of $1.5B medium-term notes
2023-11-09 18:27 ET - News Release
An anonymous director reports
SUNCOR ENERGY ANNOUNCES $1.5 BILLION MEDIUM TERM NOTE OFFERING
Suncor Energy Inc. has priced an offering of $1.5-billion in aggregate principal amount of senior unsecured notes. The offering will comprise two tranches, consisting of $1.0-billion principal amount of Series 9 medium term notes due on Nov. 17, 2025, having a coupon of 5.60 per cent, and $500-million principal amount of Series 10 medium term notes due on Nov. 17, 2026, having a coupon of 5.40 per cent. The offering is expected to close on Nov. 17, 2023, subject to customary closing conditions.
Suncor intends to use the net proceeds from the sale of the notes to finance the acquisition of TotalEnergies' EP Canada Ltd. and for general corporate purposes. The TotalEnergies Canada acquisition is anticipated to close in the fourth quarter of 2023, subject to the satisfaction or waiver of all closing conditions. The closing of the offering of the notes is not contingent upon the closing of the TotalEnergies Canada acquisition and the closing of the TotalEnergies Canada acquisition is not contingent upon the closing of the offering of the notes.
The notes are being offered through a syndicate of dealers led by CIBC World Markets Inc., RBC Dominion Securities, TD Securities Inc. and Scotia Capital Inc. under Suncor's short form base shelf prospectus dated May 25, 2022, and a related pricing supplement dated Nov. 9, 2023.
About Suncor Energy Inc.
Suncor Energy is Canada's leading integrated energy company. Suncor's operations include oil sands development, production and upgrading; offshore oil and gas; petroleum refining in Canada and the United States; and the company's Petro-Canada retail and wholesale distribution networks (including Canada's Electric Highway, a coast-to-coast network of fast-charging electric vehicle stations). Suncor is developing petroleum resources while advancing the transition to a low-emission future through investment in power and renewable fuels. Suncor also conducts energy trading activities focused principally on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. Suncor has been recognized for its performance and transparent reporting on the Dow Jones Sustainability North American Index, FTSE4Good Index and CDP. Suncor's common shares (symbol: SU) are listed on the Toronto Stock Exchange and the New York Stock Exchange.
© 2023 Canjex Publishing Ltd. All rights reserved.
https://www.stockwatch.com/News/Item/Z-C!SU-3477417/C/SU
- 2 Notes MATURING in 2 and 3 YEAR PERIODS
* They DON'T EXPECT the DEBT to LAST LONG and the COUPON INTEREST RATE is QUITE COMPETITIVE
z173