Core Viewpoint - Baytex Energy Corp. has initiated a cash tender offer for its outstanding 7.375% Senior Notes due 2032, utilizing proceeds from the divestiture of its U.S. Eagle Ford assets, while also planning to redeem its 8.500% Senior Notes due 2030 [1][2][18] Group 1: Tender Offer Details - The tender offer is for all US$575 million of the 2032 Senior Notes, with a total consideration of US$1,040 for each US$1,000 principal amount, which includes an early tender payment of US$40 [2][8] - The tender offer will expire on December 30, 2025, with an early tender date of December 12, 2025, for holders to receive the early tender payment [5][9] - Holders can withdraw their tendered notes until the withdrawal deadline of December 12, 2025 [6] Group 2: Redemption of 2030 Senior Notes - Baytex plans to issue a conditional notice of redemption for all US$759.44 million of its 8.500% Senior Notes due 2030, scheduled for December 22, 2025, contingent on the completion of the Eagle Ford Asset Sale [18] Group 3: Conditions and Management - The tender offer is contingent upon the successful completion of the Eagle Ford Asset Sale, expected to close in late 2025 or early 2026, subject to regulatory approvals [11] - RBC Capital Markets, LLC has been retained as the dealer manager for the tender offer, while Global Bondholder Services Corporation will act as the information and tender agent [14]