Suncor Energy Announces Closing Of C$2.9 Bln Bought Deal Common Share Financing

(RTTNews) - Suncor Energy Inc. (SU.TO, SU) said that it has completed its bought-deal offering of 82.23 million common shares at a price of C$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 includes 10.73 million common shares issued pursuant to the fully exercised over-allotment option. Aggregate gross proceeds from the Offering are approximately C$2.9 billion.

Suncor noted that it 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.