Baytex Energy talks $500 million 7.25-year notes to yield 8½%-8¾%; pricing Thursday

By Paul A. Harris

Portland, Ore., Jan. 22 – Baytex Energy Corp. talked its $500 million offering of senior notes due April 1, 2027 (expected ratings B2/BB/BB-) to yield 8½% to 8¾%, according to a syndicate source.

The Rule 144A for life and Regulation S deal is set to price on Thursday.

Lead left bookrunner RBC Capital Markets will bill and deliver. Barclays and Scotia Capital are joint active bookrunners.

CIBC World Markets, National Bank Financial, BMO Capital Markets and TD Securities are the joint bookrunning managers.

Desjardins, Stifel, Alberta Treasury Bank, Wells Fargo Securities LLC, First Energy, Peters and Tudor Pickering Holt are the co-managers.

The 7.25-year notes become callable after April 1, 2023 at par plus 50% of the coupon.

The Calgary, Alta.-based oil and gas energy and production company plans to use the proceeds, along with drawings under its credit facility, to redeem its 2021 and 2022 notes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.