CALGARY, ALBERTA–(Marketwired – June 22, 2016) – Suncor today announced that it has completed its previously announced bought-deal offering of 82,225,000 common shares at a price of $35.00 per common share through a syndicate of underwriters led by TD Securities Inc., CIBC Capital Markets and J.P. Morgan Securities Canada Inc. (the “Offering”). The Offering includes 10,725,000 common shares issued pursuant to the fully exercised over-allotment option. Aggregate gross proceeds from the Offering are approximately $2.9 billion.
Suncor intends to use the net proceeds of the Offering for the previously announced acquisition of an additional five per cent interest in the Syncrude joint venture and to reduce certain outstanding indebtedness in order to provide ongoing balance sheet flexibility, including for opportunistic growth transactions that Suncor may identify in the future.
The common shares were offered by way of a short form prospectus dated June 15, 2016 (“Prospectus”) that was filed with securities regulatory authorities in Canada and with the Securities and Exchange Commission (“SEC”) in the United States under the multijurisdictional disclosure system. The Prospectus may be accessed for free by visiting EDGAR on the SEC website at http://www.sec.gov or via SEDAR at www.sedar.com.