Baytex Energy to market $750 million seven-year notes; pricing Friday

By Abigail W. Adams

Portland, Me., April 12 – Baytex Energy Corp. will start a roadshow on Thursday for a $750 million offering of seven-year senior notes (expected B1/BB-/BB-) with pricing expected Friday, according to market sources.

The notes are non-callable for three years.

RBC Capital Markets LLC (lead left), CIBC World Markets Corp., Scotia Capital (USA) Inc., National Bank Financial, BMO Capital Markets Corp. and ATB Capital Markets are bookrunners for the Rule 144A and Regulation S for life offering.

The notes are subject to a mandatory redemption if escrow release conditions are not met by Oct. 15, 2023, or upon amendment, no later than Dec. 31, 2023 or the merger agreement with Ranger Oil Corp. is terminated.

Proceeds will be placed in escrow and upon satisfaction of the escrow release conditions will be used together with borrowings from credit facilities to fund the acquisition of Ranger and refinance existing debt, including Ranger’s 9¼% senior notes due 2026.

Baytex Energy is a Calgary, Alta.-based energy company.

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