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Baytex Announces Proposed US$500 Million Private Placement Offering of Senior Notes
Calgary, Alberta--(Newsfile Corp. - March 14, 2024) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) ...
About this update from Baytex Energy Corp.
[{"type":"text","content":"Baytex Announces Proposed US$500 Million Private Placement Offering of Senior NotesCalgary, Alberta--(Newsfile Corp. - March 14, 2024) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) (\"Baytex\") announced today that it intends to offer US$500 million aggregate principal amount of senior unsecured notes due 2032 (the \"Notes\") in a private placement offering (the \"Offering\"), subject to market and other conditions. The Notes will pay interest semi-annually in arrears. The final terms of the Notes will be determined at the time of pricing of the Notes. Baytex intends to use the net proceeds from the Offering to redeem US$409.8 million aggregate principal amount of its outstanding 8.75% notes due April 1, 2027 (the \"2027 Notes\"), to repay a portion of the debt outstanding on its credit facilities and for general corporate purposes. Pursuant to the terms of the indenture governing the 2027 Notes, Baytex intends to issue a conditional notice of redemption to redeem all of the outstanding 2027 Notes, which redemption will be conditional upon the successful completion of the Offering.This press release does not constitute an offer to sell or the solicitation of an offer to buy any Notes, nor shall there be any sale of Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification of the Notes under the securities laws of any such jurisdiction. The Notes will be issued in reliance on the exemption from the registration requirements provided by Rule 144A under the Securities Act of 1933, as amended (the \"Securities Act\"), and, outside of the United States, only to non-U.S. investors pursuant to Regulation S under the Securities Act. None of the Notes have been registered under the Securities Act or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. In Canada, the Notes are to be offered and sold on a private placement basis in certain provinces of Canada. This press release does not constitute an offer to purchase the 2027 Notes.Advisory Regarding Forward-Looking StatementsIn the interest of providing Baytex's shareholders and potential investors with information regarding Baytex, including m...