Suncor Energy to raise C$2.5B to fund Syncrude purchase, potential deals

|About: Suncor Energy Inc. (SU)|By:, SA News Editor

Suncor Energy (NYSE:SU) -2.7% AH after saying it plans to raise C$2.5B ($2B) by selling 71.5M common shares on a bought-deal basis at C$35/share, a discount to its C$36.5 closing price in Toronto.

SU says it will use the proceeds to finance its April acquisition of an additional 5% in its Syncrude oil sands joint venture from Murphy Oil for ~C$937M and reduce outstanding indebtedness to help provide ongoing balance sheet flexibility for "potential future opportunistic growth transactions."

Subscribe for full text news in your inbox