Canadian Natural Resources Limited Prices C$1,650 Million in 3, 5 and 10 Year Medium-Term Notes
Executive Summary
- Canadian Natural Resources Limited priced three C$550 million medium‑term notes (3‑year, 5‑year and 10‑year) totaling C$1.65 billion, with yields ranging from 3.34% to 4.59%.
- The notes were issued under the company’s August 28 2025 base shelf prospectus, which permits up to C$3.0 billion of debt securities; the offering is expected to close on December 8 2025.
- Net proceeds will be used for general corporate purposes, including repayment of indebtedness and short‑term investments.
Key Details
- Notes Pricing:
- 3‑year note – 3.30% coupon, C$550 M principal, priced at C$99.887 per note (yield 3.340%).
- 5‑year note – 3.75% coupon, C$550 M principal, priced at C$99.781 per note (yield 3.798%).
-
10‑year note – 4.55% coupon, C$550 M principal, priced at C$99.700 per note (yield 4.588%).
-
Total Principal Amount: C$1.65 billion across the three series.
-
Lead Agents / Book‑Runners: CIBC Capital Markets, TD Securities Inc., and Scotia Capital Inc. (joint lead agents and joint book‑runners).
-
Co‑Managers & Co‑Agents: BMO Nesbitt Burns Inc., RBC Dominion Securities Inc.; Merrill Lynch Canada Inc., Mizuho Securities Canada Inc., ATB Securities Inc., SMBC Nikko Securities Canada Ltd., Desjardins Securities Inc.
-
Use of Proceeds: Primarily for general corporate purposes; may be applied to repayment of existing indebtedness and, if not used immediately, invested in short‑term marketable securities.
-
Shelf Prospectus Capacity: The notes were issued under a base shelf prospectus allowing up to C$3.0 billion aggregate principal amount.
-
Closing Date: Targeted for December 8 2025, subject to customary closing conditions.
-
Regulatory Notices: Offering made in Canada; not an offer or solicitation where such would be unlawful. Documents available on SEDAR+.
Notable Quotes
(No direct quotes from executives were included in the release.)