Each one in plain English, with the numbers worked through for a shareholder.
25 Feb 2014capital raising announcement● NeutralMajor
Baytex closed the subscription receipt offering with the over-allotment option fully exercised: 38,433,000 receipts at $38.90, about $1.5 billion gross, up from the $1.3 billion first announced. The money is held in escrow and released to complete the Aurora acquisition. Each receipt becomes one common share when Aurora closes, with holders also getting an amount equal to dividends declared in the meantime. If the deal fails to close by June 30, 2014 (or is terminated), purchasers are refunded with interest. This completes the financing step expected around Feb 24 and means about 38.4 million new shares will be issued on closing, diluting existing holders.
6 Feb 2014capital raising announcement● NeutralMajor
Baytex filed the formal term sheet and investor presentation for its subscription receipt offering that funds part of the Aurora purchase: 33,420,000 receipts at $38.90 (about $1.3 billion), plus an option for 5,013,000 more. Each receipt converts into one Baytex common share (plus any dividends declared meanwhile) when the Aurora deal closes, expected about May 24, 2014. If it has not closed by June 30, 2014, or is terminated, buyers get their money back with interest. Underwriters' commission is 4.00%, and closing of the offering is expected about February 24, 2014. This puts specific terms on the $1.3 billion financing flagged on Feb 6; the new shares will dilute existing holders.
Baytex closed the bought deal announced in March, issuing 7,935,000 trust units at $14.50 for gross proceeds of $115,057,500, including the full 1,035,000-unit over-allotment option. Proceeds will first go to general working capital and may later fund capital spending or repay debt; this completes the financing and increases the unit count.
23 Mar 2009capital raising announcement● NeutralMajor
Baytex agreed to sell 6,900,000 trust units at $14.50 each to a group of underwriters led by TD Securities, for gross proceeds of $100,050,000 (up to $115,057,500 if the underwriters' extra 1,035,000-unit option is used). Proceeds are for general corporate purposes; closing is expected around April 14, 2009. Issuing new units dilutes existing unitholders.
