October 03, 2024 4:19 PM EDT | Source: Suncor Energy Inc.
Calgary, 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 public purchase offers (the “public purchase offers”) aimed at the cash purchase of: (i) an aggregate maximum principal amount of CAD $1,000,000,000 (the “maximum amount for group 1”) of its 6.50% notes due in 2038 and its 6.80% notes due in 2038 (collectively, the “group 1 notes”), and (ii) an aggregate maximum principal amount of CAD $100,000,000 (the “maximum amount for group 2” and, collectively with the maximum amount for group 1, the “maximum amounts”) of its series 6 medium term notes at 3.10% due in 2029, its series 5 medium term notes at 3.00% due in 2026, its 6.00% notes due in 2042, its 5.35% notes due in 2033, its 5.95% notes due in 2035, its series 7 medium term notes at 5.00% due in 2030, and its series 4 medium term notes at 5.39% due in 2037 (collectively, the “group 2 notes” and, collectively with the group 1 notes, the “notes”), subject to the acceptance priority levels indicated in the table below (the “acceptance priority levels”) and the terms and conditions of the public purchase offers.
“This repurchase operation enables significant financial value while substantially reducing long-term debt. Our current operational and financial momentum continues to bring us closer to our target net debt, and we are thus taking a decisive step forward on this path,” said Rich Kruger, President and CEO. “This operation also demonstrates our firm commitment to maintaining a strong and resilient balance sheet and providing our shareholders with the best returns in the sector.”
The following table shows, among other things, the total principal amount of each series of notes validly deposited and not validly revoked by 5:00 PM, New York City time, on October 2, 2024 (the “early deposit date”) and to be accepted for repurchase in each public purchase offer, the approximate pro rata calculation factor in respect of such notes, and the total consideration for each series of notes, calculated at 11:00 AM New York City time on October 3, 2024.
| Security Name(1) | CUSIP/ISIN Numbers | Unredeemed Principal | Acceptance Priority Level(2) | Nominal Redemption Date(3) | Maturity Date | Reference Security | Fixed Spread | Reference Yield | Capital Deposited by Early Deposit Date | Capital to be Accepted | Approximate Pro Rata Calculation Factor | Total Consideration(4) | |
| Group 1 Public Purchase Offers | 6.50% Notes Due 2038 | 867229AE6 / US867229AE68 | US $954,042,000 | 1 | N/A | June 15, 2038 | US Treasury at 3.875% due August 15, 2034 | 135 | 3.830% | US $478,505,000 | US $478,505,000 | 100% | US $1,128.19 |
| 6.80% Notes Due 2038(5) | 71644EAJ1 / US71644EAJ10 | US $881,081,000 | 2 | N/A | May 15, 2038 | US Treasury at 3.875% due August 15, 2034 | 140 | 3.830% | US $569,818,000 | US $260,047,000 | 45.7% | US $1,151.41 | |
| Group 2 Public Purchase Offers | Series 6 Medium Term Notes at 3.10% Due 2029 | 86721ZAP4 / CA86721ZAP41 | CA $78,743,000 | 1 | February 24, 2029 | May 24, 2029 | Canadian Government Bond at 2.25% Due June 1, 2029 | 120 | 2.759% | CA $13,355,000 | CA $13,355,000 | 100% | CA $963.95 |
| Series 5 Medium Term Notes at 3.00% Due 2026 | 86721ZAM1 / CA86721ZAM10 | CA $115,182,000 | 2 | June 14, 2026 | September 14, 2026 | Canadian Government Bond at 1.50% Due June 1, 2026 | 70 | 3.014% | CA $19,568,000 | annonce billets certaines circulation fixation offres prix publiques rachat series suncor visant
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