BAYTEX ENERGY CORP.
For the period ended Dec 31, 2025. Filed Mar 5, 2026.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2025 · Filed Mar 5, 2026
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Contents
EX-99.3 · Long-Term Notes
Long-Term Notes
During 2025, Baytex repurchased and cancelled all of the US$800.0 million principal amount of the 8.50% Senior Notes at 105.205% of par value, and US$505.0 million principal amount of the 7.375% Senior Notes at 103.807% of par value. At December 31, 2025 there was US$70.0 million aggregate principal amount of the 7.375% Senior Notes outstanding.
The 7.375% Senior Notes were issued on April 1, 2024 and US$70.0 million remains outstanding as of December 31, 2025. The 7.375% Senior Notes mature on March 15, 2032 and are redeemable at our option, in whole or in part, at specified redemption prices on or after March 15, 2027 and will be redeemable at par from March 15, 2029 to maturity.
Baytex is subject to certain financial and commercial covenants related to its Credit Facilities and long-term notes. Noncompliance with these covenants may result in an event of default, at which point the carrying value of the debt could become repayable within a 12 month period after the reporting date.
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