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Year-End 2010 Reserves

On February 3, 2011, Baytex completed the 2011 Heavy Oil Acquisition for total consideration of $159.4 million (net of adjustments). This acquisition was funded by drawing on Baytex's existing revolving credit facility.

Subsequent to year-end, Baytex continued the improvement in the structure of its balance sheet through several initiatives. First, Baytex entered into a series of agreements with its lending syndicate to increase the amount of its credit facilities to $650 million (from $550 million), to decrease its margins on advances based on prime lending rates, bankers' acceptance rates and LIBOR rates and to decrease standby fees. Second, we issued US$150 million in 10 year senior unsecured debentures at par bearing a coupon rate of 6.75%, and used the net proceeds from this issue to repay a portion of the amount drawn in Canadian currency on our credit facilities. Following these events, and considering the 2011 Heavy Oil Acquisition we have approximately $335 million in undrawn credit facilities, which represents a debt to FFO ratio of 1.1 times based on projected 2011 FFO, using the current commodity price strip. We believe that this positions us to take advantage of future potential investment opportunities as we move forward into the corporate era of Baytex.

 

Author: Huazhilian Commercial Use Equipment Plastic Factory.
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