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Calgary, Alberta–(Newsfile Corp. – April 13, 2023) – Baytex Energy Corp. BTE BTE ("Baytex") announced today the pricing and upsizing to US$800 million aggregate principal amount of its previously announced private offering (the "offering") of senior unsecured notes due 2030 (the "Notes") and as a result is providing an update on the debt financing commitments related to the previously announced merger (the "Merger") with Ranger Oil Corporation ("Ranger"), which is expected to close in the second quarter of 2023, subject to the satisfaction of customary closing conditions. The Financing Transactions As previously announced, in connection with the Merger, Baytex entered into debt commitment letters with Canadian Imperial Bank of Commerce ("CIBC"), Royal Bank of Canada ("RBC") and The Bank of Nova Scotia to provide for aggregate debt commitments of US$1.75 billion, the proceeds of which will be used, in part, to fund a portion of the costs and expenses of the Merger. Pursuant to the debt commitment letters, CIBC, RBC and BNS have committed to provide a new US$1.0 billion revolving credit facility (the "Bank Facility") (an increase from the committed amount of US$850 in the aggregate as of April 1, 2022) and a US$250 million term credit facility […]
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