Baytex arranges C$1.2 billion facility, $200 million Aurora revolver

By Toni Weeks

San Luis Obispo, Calif., May 23 - Baytex Energy Corp. said it will replace its existing credit facilities with a four-year C$1 billion revolving unsecured credit facility, a two-year C$200 million unsecured term loan facility and a four-year $200 million revolving unsecured credit facility. The latter will be for a U.S. subsidiary of Aurora Oil & Gas Ltd., according to a press release.

The new credit facilities will close prior to or concurrently with the closing of the company's current offering of $780 million principal amount of senior notes due 2021 and 2024, the proceeds of which will be used to fund its tender offer for Aurora USA Oil & Gas, Inc.'s 9 7/8% senior notes due 2017 and 7½% notes due 2020 as well as for general corporate purposes.

Baytex is a Calgary, Alta.-based oil and gas exploration and production company.

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