Baytex amends, restates $575 million U.S., Canadian credit facilities

By Wendy Van Sickle

Columbus, Ohio, April 13 – Baytex Energy Corp., as Canadian borrower, and Baytex Energy USA, Inc., as U.S. borrower, amended and restated their $575 million credit facilities on March 31, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The facilities consist of a $200 million U.S. credit facility, a $350 million Canadian syndicated facility and a $25 million Canadian operating facility. Each matures on June 4, 2019.

The Canadian syndicated facility has a $75 million sublimit for letters of credit, and the U.S. facility has a $30 million sublimit for letters of credit.

Bank of Nova Scotia acted as bookrunner, lead arranger and administrative agent. The Toronto-Dominion Bank, Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada and Union Bank, Canada Branch acted as co-syndication agents.

Interest will vary depending on senior secured debt to EBITDA ratio, but the margin was redacted from the filing.

Proceeds are to be used for general corporate purposes.

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

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