Baytex Announces Proposed US$750 Million Private Offering of Senior Notes

About this update from Baytex Energy Corp.

[{"type":"text","content":"Baytex Announces Proposed US$750 Million Private Offering of Senior NotesCalgary, Alberta--(Newsfile Corp. - April 12, 2023) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) (\"Baytex\") announced today that it intends to offer US$750 million aggregate principal amount of senior unsecured notes due 2030 (the \"Notes\") in a private 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. The gross proceeds of the offering will be deposited into escrow pending satisfaction of certain escrow release conditions, including the consummation of the previously announced merger (the \"Merger\") with Ranger Oil Corporation (\"Ranger\"). Upon satisfaction of the escrow release conditions, Baytex intends to use the net proceeds from the offering, together with borrowings under its credit facilities, to fund the cash portion of the consideration for the Merger, to repay certain outstanding indebtedness of Ranger and Baytex, and to pay fees and expenses in connection with the Merger. The Merger is expected to close in the second quarter of 2023, subject to the satisfaction of customary closing conditions. The closing of the Merger is not conditioned upon completion of the offering. If the escrow release conditions are not satisfied prior to October 15, 2023, or, to the extent the Merger Agreement is amended to remain in effect until a later date, such later date (but in no event later than December 31, 2023), or upon the occurrence of certain other events, including the termination of the Merger Agreement, the Notes will be subject to a special mandatory redemption at a price equal to 100% of the initial offering price of the Notes, plus accrued and unpaid interest from the issue date of the notes to, but not including, the payment date of such mandatory redemption.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...

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