Baytex Announces Expected Closing Date for U.S. Eagle Ford Sale and Early Results of Cash Tender Offer for 2032 Senior Notes

Executive Summary

• Baytex Energy Corp. announced the expected closing of its Eagle Ford asset sale on December 19, 2025, which is a condition to the tender offer for its 7.375% senior notes due 2032.
• An early‑tender period ended on December 12, 2025 with holders tendering US$480.717 million of the US$575 million outstanding principal; Baytex will pay US$1,040 per US$1,000 principal (including a US$40 early‑tender premium).
• The tender offer remains open through December 30, 2025, with final settlement expected on or about December 31, 2025, subject to the asset‑sale closing and other conditions.

Key Details

• Asset Sale: Expected close – 19 Dec 2025; condition precedent to full tender‑offer consummation.
• Notes Tendered (Early): US$480.717 million of US$575 million outstanding 7.375% Senior Notes due 2032.
• Total Consideration: US$1,040 per US$1,000 principal amount.
• Early‑Tender Payment: US$40 per US$1,000 principal (included in total consideration).
• Tender Offer Consideration (post‑early premium): US$1,000 per US$1,000 principal for early tenders; same amount for later tenders after the early deadline.
• Accrued Interest: Paid on all tendered notes from last interest payment date up to, but not including, the Early Settlement Date.
• Early Settlement Date: Expected 22 Dec 2025 (subject to extension).
• Final Settlement Date: Expected first business day after Expiration Date – approx. 31 Dec 2025.
• Tender Offer Deadline: 5:00 p.m. NY time, 30 Dec 2025 (unless extended or terminated).
• Withdrawal Deadline for Early Tender: 5:00 p.m. NY time, 12 Dec 2025; after this date early‑tender premium no longer applies.
• Dealer Manager: RBC Capital Markets, LLC.
• Information & Tender Agent: Global Bondholder Services Corporation.

Notable Quotes

(No direct quotes were provided in the release.)