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Latham & Watkins Advises on Baytex’s Upsized Offering of US$575 Million of Senior Notes

March 15, 2024
Austin-based team represents the initial purchasers in the transaction to refinance existing indebtedness.

Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) (Baytex) has announced the upsize to US$575 million and pricing of its previously announced private offering (the offering) of senior notes due 2032 (the notes). The notes will bear interest at a rate of 7.375% per annum and mature on March 15, 2032. The notes were priced at 99.266% of par to yield 7.50% per annum. The closing of the offering is subject to customary closing conditions and is expected to occur on April 1, 2024.

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 associates Michael Pascual, Brian Bruzzo, David Lee, and Mary Kline. Advice was also provided on tax matters by Houston partner Bryant Lee, with associate Dylan White; and on environmental matters by Houston/Los Angeles partner Joshua Marnitz, with associate Phil Goldberg.