Baytex Energy Corp. (TSX:BTE) (NYSE:BTE) announced the closing of its offering of $300 million principal amount of 6.625% Series C senior unsecured debentures due July 19, 2022 (the "Series C Debentures"). Concurrent with the closing of the Series C Debentures, Baytex has also sent notice for the redemption, effective August 26, 2012, of its 9.15% Series A senior unsecured debentures due August 26, 2016 (the "Series A Debentures").

The Series C Debentures were offered through a syndicate of underwriters led by TD Securities Inc. and RBC Dominion Securities Inc. that also included BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., Desjardins Securities Inc. and Scotia Capital Inc.

Baytex intends to use the net proceeds from the offering of the Series C Debentures of $294 million (after underwriters' fees but before deduction of other offering expenses) to initially repay indebtedness under its credit facilities. Baytex will subsequently draw upon the credit facilities for general corporate purposes and to fund the redemption of the Series A Debentures ($150 million principal amount), which have been called today for redemption on August 26, 2012 at 104.575% of the principal amount.

This offering was made by way of a prospectus supplement dated July 10, 2012 to Baytex's $500 million short form base shelf prospectus dated August 4, 2011.