Suncor Energy announces significant progress on debt management and reduction and the pricing of US$ 750 million notes offering and CAD$ 500 million medium term notes offering
CALGARY, Alberta, March 02, 2021 (GLOBE NEWSWIRE) -- Suncor Energy Inc. (Suncor or the company) remains focused on maintaining the financial health and resiliency of the company. Consistent with
its debt management and reduction strategy, Suncor announces the expected repayment of short-term commercial paper with the net proceeds from the issue of the Notes (as defined below), the early
cancellation of the bi-lateral credit facilities that were entered into to ensure access to adequate financial resources in connection with the COVID-19 pandemic and the early repayment of debt
maturities due later in 2021.
Suncor announces today that it has priced an offering of US$ 750 million in aggregate principal amount of senior unsecured notes due on March 4, 2051 (the “2051 US Notes”). The 2051 US Notes will have a coupon of 3.750%. Suncor also announces today that it priced CAD$ 500 million of senior unsecured Series 8 Medium Term Notes due on March 4, 2051 (the “2051 Canadian Notes” and, together with the “2051 US Notes”, the “Notes”). The 2051 Canadian Notes will have a coupon of 3.950%. Both offerings are expected to close on March 4, 2021, subject to customary closing conditions. Neither offering is contingent on the closing of the other offering.
Suncor intends to use the net proceeds from the sale of the Notes towards the repayment of commercial paper and for general corporate purposes. Pending any such use of the net proceeds, Suncor intends to invest the net proceeds in bank deposits and short-term marketable securities.
The 2051 US Notes are being offered pursuant to an effective shelf registration statement in the United States. BofA Securities, Inc. is acting as the lead book-running manager for the offering. A copy of the prospectus supplement and the accompanying prospectus for the offering may be obtained by contacting BofA Securities, Inc. by telephone at +1-800-294-1322; Citigroup Global Markets Inc. by telephone at +1-800-831-9146; Morgan Stanley & Co. LLC by telephone at +1-866-718-1649; or MUFG Securities Americas Inc. by telephone at +1-877-649-6848. Under the terms of the offering, the underwriters have agreed not to offer or sell any 2051 US Notes in Canada or to any resident of Canada.
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