New Issue: Baytex prices C$150 million 9.15% seven-year notes at par

By Paul A. Harris

St. Louis, Aug. 24 - Baytex Energy Trust priced C$150 million of seven-year series A debentures (B3/B/) at par to yield 9.15%, according to a syndicate source.

TD Securities Inc., BNP Paribas (Canada) Securities Inc., CIBC World Markets Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., Societe Generale Valeurs Mobileres Inc. and Credit Suisse Securities (Canada) were the agents for the off-the-shelf transaction.

Proceeds will be used to partially fund the redemption of the trust's U.S. notes maturing in 2010 and 2011.

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.

Issuer:	Baytex Energy Trust
Amount:	C$150 million
Maturity:	Aug. 26, 2016
Security description:	Series A debentures
Agents:	TD Securities Inc., BNP Paribas (Canada) Securities Inc., CIBC World Markets Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., Societe Generale Valeurs Mobileres Inc., Credit Suisse Securities (Canada)
Coupon:	9.15%
Price:	Par
Yield:	9.15%
Spread:	623.2 bps
Call features:	Callable on Aug. 26, 2012 at 104.575, 103.05, 101.525, par on and after Aug. 26, 2015
Equity clawback:	35% at 109.15 until Aug. 26, 2012
Settlement date:	Aug. 26
Ratings:	Moody's: B3
	Standard & Poor's: B
Distribution:	Off the shelf

© 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.