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Suncor Energy announces $1.25 billion medium term note offering

All financial figures are in Canadian dollars

CALGARY, Alberta – Suncor announced today that it will issue $1.25 billion of senior unsecured Series 7 Medium Term Notes due on April 9, 2030 (the “Notes”). The Notes will have a coupon of 5.00% and have been priced at $99.697 per $100 of Notes to yield 5.039%. The offering is expected to close on April 9, 2020, subject to customary closing conditions.

Suncor intends to use the net proceeds from the sale of the Notes to repay short-term indebtedness and for general corporate purposes.  Pending any such use of the net proceeds, Suncor will invest the net proceeds in bank deposits and short-term marketable securities.

The Notes are being offered through a syndicate of dealers led by CIBC World Markets Inc., RBC Dominion Securities Inc., and TD Securities Inc. under Suncor’s short form base shelf prospectus dated June 8, 2018 and a related pricing supplement dated April 7, 2020.

From March 23, 2020 to April 7, 2020, Suncor has significantly increased its liquidity by $3.75 billion by securing an additional $2.5 billion of credit facilities with its key banking partners in addition to this $1.25 billion note offering. This increased financial flexibility ensures the company will have access to adequate financial resources should it be required.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any of the Notes in any jurisdiction.  The Notes have not been approved or disapproved by any regulatory authority. The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and may not be offered or sold within the United States unless an exemption from the registration requirements of the U.S. Securities Act is available.

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