Baytex to fund 9 5/8% notes, 10½% notes redemption via notes proceeds

By Jennifer Chiou

New York, Aug. 26 - Baytex Energy Trust announced that it will use proceeds from its issue of C$150 million of seven-year series A debentures to redeem subsidiary Baytex Energy Ltd.'s $179,699,000 of 9 5/8% notes due July 15, 2010 and $247,000 of 10½% notes due Feb. 15, 2011.

Baytex said it will also draw on its C$515 million credit facility to fund the redemption price.

The redemption date is Sept. 25.

The Calgary, Alta.-based issuer is a conventional oil and gas income trust engaged in the acquisition, development and production of oil and natural gas in the Western Canadian Sedimentary Basin.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.