© Reuters.
CALGARY – Baytex Energy Corp . (TSX: NYSE:) (NYSE: BTE), a North American oil and gas company, announced its intention to offer $500 million in senior unsecured notes due in 2032 through a private placement, subject to market and other conditions. The interest on these notes will be paid semi-annually.
The company aims to use the net proceeds from this offering to redeem $409.8 million of its 8.75% notes due on April 1, 2027. Additionally, Baytex plans to allocate funds to repay a portion of its existing credit facility debts and cover general corporate expenses. A conditional notice of redemption will be issued for the outstanding 2027 notes, contingent upon the successful completion of the new offering.
The notes will be offered under Rule 144A of the Securities Act of 1933, as amended, in the United States, and outside the U.S., to non-U.S. investors according to Regulation S under the Securities Act. These notes have not been registered under the Securities Act or any state securities laws and will not be available for sale in the United States without registration or an exemption from registration requirements.
Baytex has made forward-looking statements regarding the terms, timing, and use of proceeds from the offering, as well as the redemption of the 2027 notes. These statements are based on current expectations that involve several risks and uncertainties, which could cause actual results to differ from those anticipated.
Baytex Energy, headquartered in Calgary with offices in Houston, is involved in the acquisition, development, and production of and in the Western Canadian Sedimentary Basin and the Eagle Ford (NYSE:) in the United States. The company’s shares are traded on both the Toronto and New York Stock Exchanges.
This news is based on a press release statement and the information provided is subject to change. Potential investors are advised to consider the inherent risks and uncertainties associated with forward-looking statements.
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