Suncor closes sale of equity interest in East Tan Farm, redeems $750M in debt
Suncor successfully closed the sale of a 49% equity interest in the East Tank Farm Development project for aggregate proceeds of $503 million. Suncor is directing the proceeds from this sale, together with the proceeds from the issuance earlier this month of US$750 million in aggregate principal amount of 4.000% senior unsecured notes due 2047, towards the early redemption of outstanding US$600 million 6.05% senior unsecured notes and CAD$700 million 5.80% Medium Term Notes, both due in 2018. Suncor has given notice of the redemption to The Bank of New York Mellon and Computershare Trust Company of Canada and a notice of redemption was sent to the holders of the Notes on November 15, 2017. The redemption date will be December 15, 2017 and the redemption price will be paid in accordance with the indentures governing the Notes. Upon redemption of the Notes, Suncor will have redeemed all outstanding long term debt due in 2018.