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
Deepwater Roundup 2024: Offshore Europe, Middle East
2024-04-16 - Part three of Hart Energy’s 2024 Deepwater Roundup takes a look at Europe and the Middle East. Aphrodite, Cyprus’ first offshore project looks to come online in 2027 and Phase 2 of TPAO-operated Sakarya Field looks to come onstream the following year.
Petrobras Sending Nearly Half of Oil Exports to China
2024-04-30 - Conflict in the Middle East has enabled Brazil’s state-owned Petrobras to change the flow of its oil exports, with China being the primary beneficiary, followed by Europe.
Iraq to Seek Bids for Oil, Gas Contracts April 27
2024-04-18 - Iraq will auction 30 new oil and gas projects in two licensing rounds distributed across the country.
US Raises Crude Production Growth Forecast for 2024
2024-03-12 - U.S. crude oil production will rise by 260,000 bbl/d to 13.19 MMbbl/d this year, the EIA said in its Short-Term Energy Outlook.
Exxon Versus Chevron: The Fight for Hess’ 30% Guyana Interest
2024-03-04 - Chevron's plan to buy Hess Corp. and assume a 30% foothold in Guyana has been complicated by Exxon Mobil and CNOOC's claims that they have the right of first refusal for the interest.