Baytex Energy Corp. announced the pricing and upsize to US$575 million of a previously announced private placement offering of senior unsecured notes due 2032, Baytex said in a March 14 press release.
Baytex said the notes will bear an interest rate of approximately 7.38% per annum and mature on March 15, 2032. The notes were priced at approximately 99.27% of par to yield 7.5% per annum.
The company plans to use the net proceeds to redeem US$409.8 million aggregate principal amount of its outstanding 8.75% notes due April 1, 2027 to pay a portion of outstanding debt on its credit facilities and general corporate purposes.
The closing of the offering is subject to customary closing conditions, to close on April 1.
Baytex also plans to issue a conditional notice of redemption to redeem all outstanding 2027 notes, conditional upon the completion of the offering.
Recommended Reading
Yellen Expects Further Sanctions on Iran, Oil Exports Possible Target
2024-04-16 - U.S. Treasury Secretary Janet Yellen intends to hit Iran with new sanctions in coming days due to its unprecedented attack on Israel.
The Jones Act: An Old Law on a Voyage to Nowhere
2024-04-12 - Keeping up with the Jones Act is a burden for the energy industry, but efforts to repeal the 104-year-old law may be dead in the water.
Kinder Morgan Exec: Building Pipelines ‘Challenging, but Manageable’
2024-04-05 - Allen Fore, vice president of public affairs for Kinder Morgan, said building anything, from a new road to an ice cream shop, can be tough but dealing with stakeholders up front can move projects along.
FERC Again Approves TC Energy Pipeline Expansion in Northwest US
2024-04-19 - The Federal Energy Regulatory Commission shot down opposition by environmental groups and states to stay TC Energy’s $75 million project.
CEO: Linde Not Affected by Latest US Green Subsidies Package Updates
2024-02-07 - Linde CEO Sanjiv Lamba on Feb. 6 said recent updates to U.S. Inflation Reduction Act subsidies for clean energy projects will not affect the company's current projects in the United States.