Baytex Announces Proposed US$500 Million Private Placement Offering of Senior Notes
21 Januar 2020 - 1:25PM
Baytex Energy Corp. (“Baytex”) (TSX, NYSE: BTE) announced today
that it intends to offer US$500 million aggregate principal amount
of senior unsecured notes due 2027 (the "Notes") in a private
placement offering (the “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 and its existing unutilized credit facilities to
redeem US$400 million aggregate principal amount of its outstanding
5.125% notes due June 1, 2021 (the “2021 Notes”) and $300 million
aggregate principal amount of its outstanding 6.625% debentures due
July 19, 2022 (the “2022 Debentures”).
Pursuant to the terms of the indenture governing
the 2021 Notes, Baytex intends to issue a conditional notice of
redemption to redeem all of the outstanding 2021 Notes, which
redemption will be conditional upon the successful completion of
the Offering. In addition, pursuant to the terms of the indenture
governing the 2022 Debentures, Baytex intends to issue a notice of
redemption to redeem all of the outstanding 2022 Debentures, which
redemption will be conditional upon the successful completion of
the Offering.
The Notes to be offered by Baytex will not be
registered under the U.S. Securities Act of 1933, as amended (the
"Securities Act"), and may not be offered or sold in the United
States absent registration or an applicable exemption from
registration requirements. The Notes are being offered only to
qualified institutional buyers in the United States under Rule 144A
under the Securities Act and to non-U.S. persons outside the United
States in compliance with Regulation S under the Securities Act. In
Canada, the notes are to be offered and sold on a private placement
basis in certain provinces of Canada. This news release does not
constitute an offer to sell, or a solicitation of an offer to buy,
any security and shall not constitute an offer, solicitation or
sale in any jurisdiction in which such an offer, solicitation, or
sale would be unlawful. This press release does not constitute an
offer to purchase the 2021 Notes or the 2022 Debentures.
Advisory Regarding Forward-Looking
Statements
In the interest of providing Baytex's
shareholders and potential investors with information regarding
Baytex, including management's assessment of Baytex's future plans
and operations, certain statements in this press release are
"forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" within the meaning of applicable
Canadian securities legislation (collectively, "forward-looking
statements"). In some cases, forward-looking statements can
be identified by terminology such as "anticipate", "believe",
"continue", "could", "estimate", "expect", "forecast", "intend",
"may", "objective", "ongoing", "outlook", "potential", "project",
"plan", "should", "target", "would", "will" or similar words
suggesting future outcomes, events or performance. The
forward-looking statements contained in this press release speak
only as of the date thereof and are expressly qualified by this
cautionary statement.
Specifically, this press release contains
forward-looking statements relating to but not limited to: the
terms and timing of the Offering, the use of proceeds of the
Offering and the intention to and timing of the redemption of the
2021 Notes and 2022 Debentures.
These forward-looking statements are based on
certain key assumptions regarding, among other things, the
completion of the Offering. Readers are cautioned that such
assumptions, although considered reasonable by Baytex at the time
of preparation, may prove to be incorrect.
Actual results will vary from the information
provided herein as a result of numerous known and unknown risks and
uncertainties and other factors. Such factors include, but are not
limited to: the Offering may not be completed on the terms
contemplated or at all; the intended use of proceeds of the
Offering; and other factors, many of which are beyond the control
of Baytex. Additional risk factors are discussed in our Annual
Information Form, Annual Report on Form 40-F and Management's
Discussion and Analysis for the year ended December 31, 2018, as
filed with Canadian securities regulatory authorities and the U.S.
Securities and Exchange Commission.
The above summary of assumptions and risks
related to forward-looking statements has been provided in order to
provide shareholders and potential investors with a more complete
perspective on Baytex’s current and future operations and such
information may not be appropriate for other purposes.
There is no representation by Baytex that actual
results achieved will be the same in whole or in part as those
referenced in such forward-looking statements and Baytex does not
undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by applicable securities laws.
All amounts in this press release are stated in
Canadian dollars unless otherwise specified.
Baytex Energy Corp.
Baytex Energy Corp. is an oil and gas
corporation based in Calgary, Alberta. Baytex is engaged in the
acquisition, development and production of crude oil and natural
gas in the Western Canadian Sedimentary Basin and in the Eagle Ford
in the United States. Approximately 84% of Baytex’s production is
weighted toward crude oil and natural gas liquids. Baytex’s common
shares trade on the Toronto Stock Exchange and the New York Stock
Exchange under the symbol BTE.
For further information about Baytex, please
contact:
Brian Ector, Vice President, Capital
Markets
Toll Free Number: 1-800-524-5521Email:
investor@baytexenergy.com
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