08:21 AM EDT, 03/15/2024 (MT Newswires) -- Baytex Energy Corp. ( BTE ) reported overnight Thursday the pricing and upsizing of its previously announced private placement offering of senior unsecured notes due 2032.

The company said the notes will bear an interest rate of 7.375% per annum and will mature on March 15, 2032.

The notes were priced at 99.266% of par to yield 7.500% per annum. Closing is expected April 1.

Baytex plans to use the proceeds to redeem US$409.8 million aggregate principal amount 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.

The company gained 2.1% yesterday.