Baytex Energy Corp. announced the closing of its private placement offering of USD 575 million aggregate principal amount of senior unsecured notes due 2032. The Notes bear interest at a rate of 7.375% per annum and mature on March 15, 2032.

The Notes were priced at 99.266% of par to yield 7.500% per annum. Baytex intends to use the net proceeds from the Offering to redeem USD 409.8 million aggregate principal amount of its outstanding 8.75% notes due April 1, 2027 (the "2027 Notes"), to repay a portion of the debt outstanding on its credit facilities and for general corporate purposes. Pursuant to the terms of the indenture governing the 2027 Notes, Baytex has issued a notice of redemption to redeem all of the outstanding 2027 Notes.

The Notes will be issued in reliance on the exemption from the registration requirements provided by Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and, outside of the United States, only to non-U.S. investors pursuant to Regulation S under the Securities Act.