Baytex Energy Corp. (NYSE: BTE, TO: BTE.TO) closed a private placement of senior notes due 2021 and 2024, the company said June 6.
The notes had an aggregate principal amount of US$800 million, Baytex said. Each group was issued with an aggregate principal amount of $400 million, the company added.
The gross proceeds were placed in escrow until certain conditions, including the closing of the acquisition of Aurora Oil & Gas Ltd.’s (TO: AEF.TO) common shares, are met, the company said. This acquisition is scheduled to close June 11 in Perth, Australia, the company noted.
Alongside the escrow release, Baytex’s credit facilities will be replaced with a CA$1 billion revolving, unsecured credit facility with a four-year term, a CA$200 million unsecured term loan facility with a two-year term and a US$200 million revolving unsecured credit facility with a four-year term, for Aurora USA Oil & Gas Inc.
Part of the proceeds will purchase notes from previously announced tender offers, Baytex said. These offers were for Aurora USA Oil & Gas Inc.’s 9.875% senior notes due 2017 and 7.5% notes due 2020.
The remaining proceeds will reduce Baytex’s revolving credit facility debts, the company said.
Calgary, Alberta-based Baytex Energy Corp. acquires, develops and produces oil and natural gas in the Western Canadian Sedimentary Basin and in the U.S. portion of the Williston Basin.
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