In This Article:
CALGARY, Alberta, June 22, 2020 (GLOBE NEWSWIRE) -- Canadian Natural Resources Limited ("Canadian Natural" or the “Company”) announces that on June 22, 2020, the Company priced the following US$ unsecured notes:
| Note / Coupon | Principal | Maturity | Price per Note | Yield to Maturity |
| 5 year / 2.05% | US$600,000,000 | July 15, 2025 | US$99.832 | 2.085% |
| 10 year / 2.95% | US$500,000,000 | July 15, 2030 | US$99.955 | 2.955% |
The offering is targeted to close on June 24, 2020, subject to customary closing conditions. Net proceeds from the sale of the notes will be used primarily to refinance the Company’s outstanding short-term indebtedness and for general corporate purposes. The net proceeds that are not utilized immediately may be invested in short-term marketable securities.
J.P. Morgan Securities LLC, BofA Securities, Inc. and MUFG Securities Americas Inc. acted as joint book-running managers for the offering. BMO Capital Markets Corp., Citigroup Global Markets Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC, Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc., CIBC World Markets Corp., Wells Fargo Securities, LLC, Barclays Capital Inc., Desjardins Securities Inc. and National Bank of Canada Financial Inc. acted as co-managers.
The sale of the notes will be the first issuance under the US base shelf prospectus dated July 24, 2019 that allows for the issuance of debt securities in an aggregate principal amount of up to US $3.0 billion.
| This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. |
Under the terms of the offering, the underwriters have agreed not to offer or sell any notes in Canada or to any resident of Canada.