Canada’s Baytex Energy Corp. moved a step closer toward finalizing its purchase of Ranger Oil Corp.'s Eagle Ford assets with the closing of its private offering of $800 million aggregate principal amount of senior unsecured notes.

The gross proceeds went into escrow pending satisfaction of release conditions. Proceeds will help fund the cash portion of the $2.5 billion Ranger Oil acquisition, which is expected to close in second-quarter 2023.

The notes bear interest at a rate of 8.5% per annum and mature on April 30, 2030. The notes were priced at 98.709% of par to yield 8.75% per annum.