Latham & Watkins Advises on Baytex’s Upsized Offering of US$800 Million of Senior Notes

Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) (Baytex) has announced the upsize to US$800 million and pricing of its previously announced private offering (the offering) of senior unsecured notes due 2030 (the Notes). The Notes will bear interest at a rate of 8.5% per annum and mature on April 30, 2030. The Notes were priced at 98.709% of par to yield 8.75% per annum. The closing of the offering is subject to customary closing conditions and is expected to occur on April 27, 2023.

Latham & Watkins LLP represents the initial purchasers in the offering with a corporate deal team led by Austin partners David Miller and Samuel Rettew, with Houston associate Michael Pascual, Austin associates Brian Golde, Manu Vadlamudi and Houston associate Justin Reinking. Advice was also provided on tax matters by Houston partner Bryant Lee, with Houston associates Dylan White and Molly Elkins; and on environmental matters by Houston partner Joshua Marnitz, with Washington, D.C. associate Andy Landolfi.