Baytex Energy Corp. Closes $1.5B Financing

Baytex Energy Corp. closed the public offering of its bought-deal subscription receipt financing.

The financing was completed in connection with its proposed acquisition of Aurora Oil & Gas Limited for $2.6 billion. Baytex issued 38,433,000 subscription receipts at a price of $38.90 per subscription receipt for aggregate gross proceeds of approximately $1.5 billion.

Baytex was represented by Murray Desrosiers, Vice President, General Counsel and Corporate Secretary of Baytex, and by Burnet, Duckworth & Palmer LLP with a team including Grant Zawalsky, Shannon Gangl, Alyson Goldman, Lindsay Cox and Sylvie Welsh (securities); John Wilmot, Nancy Smith and Andrew Kuzma (banking) and Heather Digregorio and Elizabeth McCarthy (tax). Baytex was represented in the US by Paul, Weiss, Rifkind, Wharton & Garrison LLP with a team including Andrew Foley, Steve Centa, Alexis Fink, Christodoulos Kaoutzanis and Amanda Melvin (corporate); David Mayo and Robert Killip (tax) and Bill O'Brien (environmental).

The syndicate of underwriters, co-led by Scotiabank and RBC Capital Markets, were represented in Canada by McCarthy Tétrault LLP with a team including John Osler, Mark Franko, Wilson Acton and Jeremy Busch-Howell (securities) and Robert Nearing (tax); and in the US by Vinson & Elkins LLP with a team including Jim Prince, Adam Law and Clinton Smith.