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
US Drillers Cut Oil, Gas Rigs for Fifth Week in Six, Baker Hughes Says
2024-09-20 - U.S. energy firms this week resumed cutting the number of oil and natural gas rigs after adding rigs last week.
Western Haynesville Wildcats’ Output Up as Comstock Loosens Chokes
2024-09-19 - Comstock Resources reported this summer that it is gaining a better understanding of the formations’ pressure regime and how best to produce its “Waynesville” wells.
August Well Permits Rebound in August, led by the Permian Basin
2024-09-18 - Analysis by Evercore ISI shows approved well permits in the Permian Basin, Marcellus and Eagle Ford shales and the Bakken were up month-over-month and compared to 2023.
Kolibri Global Drills First Three SCOOP Wells in Tishomingo Field
2024-09-18 - Kolibri Global Energy reported drilling the three wells in an average 14 days, beating its estimated 20-day drilling schedule.
Permian Resources Closes $820MM Bolt-on of Oxy’s Delaware Assets
2024-09-17 - The Permian Resources acquisition includes about 29,500 net acres, 9,900 net royalty acres and average production of 15,000 boe/d from Occidental Petroleum’s assets in Reeves County, Texas.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.