Exploration & Production | Finance & Investing | Capital Markets
Baytex Funding Capex for 2015
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Baytex Energy Corp. has announced that it has reached an agreement with its syndicate of underwriters co-led by Scotiabank and RBC Capital Markets, pursuant to which the $500 million "bought deal" offering of common shares announced yesterday has been increased to 31,700,000 Common Shares at a price of $17.35 per share, for gross proceeds of $550 million.
The net proceeds will be used to reduce bank indebtedness, increase working capital and fund ongoing capital expenditures. The Revised Offering is subject to customary closing conditions, including receipt of applicable regulatory and stock exchange approvals, and is expected to close on or about April 2, 2015.
Baytex has also granted the Underwriters an over-allotment option to purchase up to an additional 4,755,000 Common Shares at the…
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