Baytex Energy Corp. announced the pricing and upsize to US$575 million of a previously announced private placement offering of senior unsecured notes due 2032, Baytex said in a March 14 press release.
Baytex said the notes will bear an interest rate of approximately 7.38% per annum and mature on March 15, 2032. The notes were priced at approximately 99.27% of par to yield 7.5% per annum.
The company plans to use the net proceeds to redeem US$409.8 million aggregate principal amount of its outstanding 8.75% notes due April 1, 2027 to pay a portion of outstanding debt on its credit facilities and general corporate purposes.
The closing of the offering is subject to customary closing conditions, to close on April 1.
Baytex also plans to issue a conditional notice of redemption to redeem all outstanding 2027 notes, conditional upon the completion of the offering.
Recommended Reading
BP Restructures, Reduces Executive Team to 10
2024-04-18 - BP said the organizational changes will reduce duplication and reporting line complexity.
ProPetro to Provide eFrac Services to Exxon’s Permian Operations
2024-04-29 - ProPetro has entered a three-year agreement to provide electric hydraulic fracturing services for Exxon Mobil’s operations in the Permian Basin.
TotalEnergies Eyes Suriname FID by Year-end 2024
2024-04-29 - France’s TotalEnergies and U.S. partner APA Corp. look to place their long lead orders ahead of a final investment decision related to their joint development offshore Suriname in Block 58.
Kimmeridge Fast Forwards on SilverBow with Takeover Bid
2024-03-13 - Investment firm Kimmeridge Energy Management, which first asked for additional SilverBow Resources board seats, has followed up with a buyout offer. A deal would make a nearly 1 Bcfe/d Eagle Ford pureplay.
M4E Lithium Closes Funding for Brazilian Lithium Exploration
2024-03-15 - M4E’s financing package includes an equity investment, a royalty purchase and an option for a strategic offtake agreement.