Baytex Energy Launches US$500 Million Debt Offering
TSX and NYSE-listed Canadian independent Baytex Energy Corp. has launched a US$500 million private placement offering of 8.75% senior unsecured notes due 2027. The notes will be issued at 100% of the principal amount. The Company intends to use the net proceeds of the offering, along with its existing unutilized credit facilities to redeem its US$400 million aggregate principal amount of 5.125% notes due 2021, and US$300 million of 6.625% debentures due 2022. The offering is subject to customary closing conditions and is expected to close on February 5th. Baytex Energy currently operates in the Peace River and Duvernay regions of north-west Alberta, the Lloydminster region straddling the Alberta and Saskatchewan border, and the Viking Play in Saskatchewan. In addition, the Company also owns assets in the Eagle Ford Shale in Karnes County, Texas.