Baytex Energy Corp.
Description
Baytex Energy Corp. said it has closed its private placement offering of US$500 million aggregate principal amount of senior unsecured notes due 2027. The notes were 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.
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.