Baytex Energy Corp. announced that it intends to offer USD 500 million aggregate principal amount of senior unsecured notes due 2032 in a private placement offering, subject to market and other conditions. The Notes will pay interest semi-annually in arrears.

The final terms of the Notes will be determined at the time of pricing of the Notes. 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.