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Suncor Announces Pricing of Tender Offers for Certain Outstanding Series of Notes
Calgary, Alberta--(Newsfile Corp. - October 3, 2024) - Suncor Energy Inc. (TSX: SU) (NYSE: SU) ("...
About this update from Suncor Energy Inc.
[{"type":"text","content":"Suncor Announces Pricing of Tender Offers for Certain Outstanding Series of NotesCalgary, Alberta--(Newsfile Corp. - October 3, 2024) - Suncor Energy Inc. (TSX: SU) (NYSE: SU) (\"Suncor\") announced today the total consideration payable in connection with its previously announced tender offers (the \"Tender Offers\") to purchase for cash: (i) up to C$1,000,000,000 aggregate principal amount (the \"Pool 1 Maximum Amount\"), of its 6.50% Notes due 2038 and 6.80% Notes due 2038 (collectively, the \"Pool 1 Notes\") and (ii) up to C$100,000,000 aggregate principal amount (the \"Pool 2 Maximum Amount\" and, together with the Pool 1 Maximum Amount, the \"Maximum Amounts\"), of its 3.10% Series 6 Medium Term Notes due 2029, 3.00% Series 5 Medium Term Notes due 2026, 6.00% Notes due 2042, 5.35% Notes due 2033, 5.95% Notes due 2035, 5.00% Series 7 Medium Term Notes due 2030 and 5.39% Series 4 Medium Term Notes due 2037 (collectively, the \"Pool 2 Notes\" and, together with the Pool 1 Notes, the \"Notes\"), subject to prioritized acceptance levels listed in the table below (\"Acceptance Priority Levels\") and the terms and conditions of the Tender Offers.\"This tender captures significant economic value while retiring substantial long-term debt. Our ongoing operational and financial momentum continues to drive us towards our net debt target, with this action representing another key milestone on that path,\" said Rich Kruger, President and CEO. \"This tender also illustrates our unwavering commitment to a strong, resilient balance sheet and industry-leading shareholder returns.\"The table below sets forth, among other things, the aggregate principal amount of each series of Notes validly tendered and not validly withdrawn as of 5:00 p.m., New York City time, on October 2, 2024 (the \"Early Tender Date\") and expected to be accepted for purchase in each Tender Offer, the approximate proration factor for such Notes and the Total Consideration for each series of such Notes, as calculated at 11:00 a.m., New York City time, today, October 3, 2024.Title of Security(1)CUSIP/ISINPrincipal AmountOutstandingAcceptance PriorityLevel(2)Par Call Date(3)Maturity DateReferenceSecurityFixed SpreadReference YieldPrincipal Amount Tendered at Early Tender DatePrincipal Amount Expected to be AcceptedApproximate Proration FactorTotal Consideration (4)Pool 1 Te...