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. (Source: Shutterstock)
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.
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