Mr. Brian Ector reports

BAYTEX ANNOUNCES PRICING OF UPSIZED US$575 MILLION PRIVATE PLACEMENT OFFERING OF SENIOR NOTES

Baytex Energy Corp. has priced and upsized to $575-million (U.S.) its previously announced private placement offering of senior unsecured notes due 2032. The notes will bear interest at a rate of 7.375 per cent per annum and mature on March 15, 2032. The notes were priced at 99.266 per cent of par to yield 7.500 per cent per annum. The closing of the offering is subject to customary closing conditions and is expected to close on April 1, 2024.

Baytex intends to use the net proceeds from the offering to redeem $409.8-million (U.S.) aggregate principal amount of its outstanding 8.75 per cent notes due April 1, 2027, to repay a portion of the debt outstanding on its credit facilities and for general corporate purposes.

Pursuant to the terms of the indenture governing the 2027 notes, Baytex intends to issue a conditional notice of redemption to redeem all of the outstanding 2027 notes, which redemption will be conditional upon the successful completion of the offering.

About Baytex Energy Corp.

Baytex Energy is an energy company with headquarters based in Calgary, Alta., and offices in Houston, Tex. The company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian sedimentary basin and in the Eagle Ford formation in the United States. Baytex's common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE.

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