Suncor Energy Announces USD 1.5 Billion Medium Term Note Offering

Suncor Energy announced that it has priced an offering of US$ 1.5 billion in aggregate principal amount of senior unsecured notes to fund its acquisition of TotalEnergies Canada.

The offering will be comprised of two tranches, consisting of a US$1 billion principal amount of Series 9 Medium Term Notes and a US$500 million principal amount of Series 10 Medium Term Notes. Suncor plans to utilize the net proceeds from the Notes' sale for the acquisition of TotalEnergies' EP Canada Ltd. (TotalEnergies Canada Acquisition) and general corporate purposes. The anticipated closing for the TotalEnergies Canada Acquisition is in Q4 of 2023. It's important to note that the completion of the Notes offering is independent of the TotalEnergies Canada Acquisition's closure, and vice versa.

The Notes are available through a syndicate of dealers led by CIBC World Markets Inc., RBC Dominion Securities, TD Securities Inc., and Scotia Capital Inc.