Baytex Announces Cash Tender Offer for 2032 Senior Notes and Intent to Redeem 2030 Senior Notes

Executive Summary

• Baytex Energy Corp. announced a cash tender offer to repurchase its US$575 million of 7.375% Senior Notes due 2032, offering a total consideration of US$1,040 per US$1,000 principal (including a US$40 early‑tender premium).
• The Tender Offer is conditioned on the completion of Baytex’s previously announced Eagle Ford Asset Sale and will expire on December 30, 2025 (early‑tender deadline December 12, 2025).
• Baytex also disclosed its intent to redeem all US$759.44 million of 8.500% Senior Notes due 2030 on December 22, 2025, subject to the same Eagle Ford transaction closing.

Key Details

• Tender Offer Scope: Up to US$575 million principal amount of 7.375% Senior Notes due 2032 (CUSIP 07317QAK1 / US07317QAK13).
• Consideration:
• Tender Offer Consideration: US$1,000 per US$1,000 principal.
• Early‑Tender Payment: Additional US$40 per US$1,000 principal for tenders received by Dec 12, 2025.
• Total Consideration (if tendered early): US$1,040 per US$1,000 principal.
• Key Dates:
• Early Tender Date / Withdrawal Deadline: 5:00 p.m. NY time, Dec 12, 2025.
• Expiration Date: 5:00 p.m. NY time, Dec 30, 2025 (unless extended).
• Expected Early Settlement Date: Dec 22, 2025.
• Expected Final Settlement Date: Dec 31, 2025 (first business day after expiration).
• Accrued Interest: Holders will also receive accrued and unpaid interest up to the applicable settlement date.
• Conditions: Tender Offer is contingent upon successful closing of the Eagle Ford Asset Sale (expected late 2025/early 2026) and satisfaction or waiver of other conditions in the Offer to Purchase. No minimum tender amount required.
• Dealer Manager & Agent: RBC Capital Markets, LLC (dealer manager); Global Bondholder Services Corporation (information & tender agent).
• Redemption of 2030 Notes: Intent to redeem US$759.44 million principal of 8.500% Senior Notes due 2030 on Dec 22, 2025, also conditioned on Eagle Ford Asset Sale closing.
• Forward‑Looking Statements: Includes risks related to the Eagle Ford transaction not completing, tender participation uncertainty, and potential changes to timelines or conditions.

Notable Quotes

(No direct CEO/President quotes were provided in the release.)