Baytex Energy Corp.

Baytex Energy Corp. priced its previously announced private placement offering of US$500 million aggregate principal amount of senior unsecured notes due 2027. The notes will be issued at par, bear interest at a rate of 8.75% per annum and mature on April 1, 2027. The notes will pay interest semi-annually in arrears. The offering is subject to customary closing conditions and is expected to close on February 5, 2020.

Baytex intends to use the net proceeds from the offering and its existing unutilized credit facilities to redeem US$400 million aggregate principal amount of its outstanding 5.125% notes due June 1, 2021 and $300 million aggregate principal amount of its outstanding 6.625% debentures due July 19, 2022.