12:44 PM EDT, 04/01/2024 (MT Newswires) -- Baytex Energy ( BTE ) said Monday it completed its US$575 million ($780.5 million) private offering of senior unsecured notes due 2032.

The notes bear interest at 7.375% per annum and mature on March 15, 2032. The notes were priced at 99.266% of par to yield 7.500% per annum.

Baytex plans to use the net proceeds to redeem US$409.8 million of its outstanding 8.75% notes due April 1, 2027, to repay a portion of the debt outstanding on its credit facilities and for general corporate purposes.

Also, Baytex has issued a notice of redemption to redeem all of the outstanding 2027 notes.

The company's shares were last seen up C$0.16 to C$5.05 on the Toronto Stock Exchange

Price: 5.04, Change: +0.14, Percent Change: +2.96