Baytex Energy Corp. - 2012-07-23

Baytex Energy announced the closing of its offering of $300 million principal amount of 6.625% Series C senior unsecured debentures due July 19, 2022. The Series C Debentures were offered through a syndicate of underwriters led by TD Securities Inc. and RBC Dominion Securities Inc. that also included BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., Desjardins Securities Inc. and Scotia Capital Inc. Baytex intends to use the net proceeds from the offering of the Series C Debentures of $294 million to initially repay indebtedness under its credit facilities. Baytex will subsequently draw upon the credit facilities for general corporate purposes and to fund the redemption of the Series A Debentures.