99.20% of Baytex's 10.50% Notes Due 2011 Tendered in Baytex Exchange Offer.Business Editors CALGARY, Alberta--(BUSINESS WIRE)--June 18, 2003 Baytex Energy Ltd. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BTE) ("Baytex") announced today that Mellon Investor Services LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , the exchange agent under its current exchange offer (described below), has advised it that, as of 5:00 p.m. (EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT ) yesterday, June 17, 2003, approximately U.S.$148,805,000 of Baytex's U.S.$150 million 10.50% senior subordinated notes due 2011 (the "Old Notes"), had been validly tendered, representing approximately 99.20% of the Old Notes outstanding. All valid and unrevoked tenders of Old Notes made prior to 5:00 p.m. (EDT) on June 17, 2003, have been accepted and become irrevocable. On June 3, 2003, Baytex announced its offer (the "Exchange Offer") to holders of the Old Notes to exchange, for each U.S.$1,000 principal amount of Old Notes, U.S.$1,200 principal amount of new 9 5/8% senior subordinated notes due 2010, U.S.$20 principal amount of which constituted a consent payment that would only be paid to holders that tendered prior to 5:00 p.m. (EDT) on June 17, 2003 and did not withdraw Old Notes so tendered. Baytex announced today that the consent payment deadline has been waived. As a result, all Old Notes validly tendered and accepted in the Exchange Offer will be entitled to the consent payment described above. The Exchange Offer will terminate at 5:00 p.m. (EDT) on July 2, 2003, unless extended. Withdrawal rights terminated at 5:00 p.m. (EDT) on June 17, 2003. The offering of the New Notes in the Exchange Offer is being made only to "qualified institutional buyers In law, a Qualified Institutional Buyer is a purchaser of securities that is financially sophisticated and is legally recognized by security market regulators to need less protection from sellers than most members of the public. " and "persons other than a U.S. person" located outside the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , as such terms are defined in accordance with Rule 144A Rule 144A A Securities & Exchange Commission rule modifying a two-year holding period requirement on privately placed securities to permit qualified institutional buyers to trade these positions among themselves. and Regulation S of the Securities Act of 1933, as amended. The New Notes have not been registered under the Securities Act of 1933, or any state securities laws. Therefore, the New Notes may not be offered or sold in the United States absent an exemption from the registration requirements of the Securities Act of 1933 and any applicable state securities laws. This announcement is neither an offer to sell nor a solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of an offer to buy the New Notes. |
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