Baytex Energy Corp. announced the pricing and upsize to USD 575 million of its previously announced private placement offering (the ?Offering?) of senior unsecured notes due 2032 (the ?Notes?). The Notes will 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. The closing of the Offering is subject to customary closing conditions and is expected to close on April 1, 2024. 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 intends to issue a conditional notice of redemption to redeem all of the outstanding 2027 Notes, which redemption will be conditional upon the successful completion of the Offering. This press release does not constitute an offer to sell or the solicitation of an offer to buy any Notes, nor shall there be any sale of Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification of the Notes under the securities laws of any such jurisdiction. 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.

None of the Notes have been registered under the Securities Act or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. In Canada, the Notes are to be offered and sold on a private placement basis in certain provinces of Canada. This press release does not constitute an offer to purchase the 2027 Notes.