Suncor Energy cancels C$2.8 billion of bilateral credit facilities

Chicago, March 2 – Suncor Energy Inc. has provided an early cancellation notice to its banking partners in relation to its C$2.8 billion of bilateral credit facilities, according to a press release on Tuesday.

The facilities have a two-year term and were entered into in March and April 2020 to shore up cash and ensure access to adequate financial resources in the face of uncertainty about Covid-19.

With an improving commodity price environment, the facilities are no longer required and will be terminated on March 5.

There are no penalties with the early cancellation.

Suncor is a Calgary, Alta., energy company.

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