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Baytex to repay some term loan borrowings with notes proceeds
By Sara Rosenberg
New York, April 13 – Baytex Energy Corp. plans to partially pay down its term loan using the incremental proceeds being raised through the upsizing of its senior notes offering to $800 million from $750 million, according to a market source.
Remaining proceeds from the notes will be used to fund the acquisition of Ranger Oil Corp., to repay certain outstanding debt of Ranger and Baytex, and to pay fees and expenses associated with the acquisition.
Baytex is a Calgary, Alta.-based energy company.
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