RE:Financing information for RangerWhy speculate?
https://www.baytexenergy.com/content/uploads/newsFile/1677582000-156439.pdf
Literally second paragraph of the news release:
Under the terms of the Agreement, Ranger shareholders will receive 7.49 Baytex shares plus US$13.31 cash, for each Ranger common share, for total consideration of approximately US$44.36 per share
2 pages later:
Under the terms of the Agreement, Ranger shareholders will receive 7.49 Baytex shares plus US$13.31 cash, for each Ranger common share, for total consideration of approximately US$44.36 per share. This represents a 7.6% premium based on the five-day volume weighted average price of Baytex. The total transaction value is approximately US$2.5 billion (C$3.4 billion), including net debt (7) of approximately US$650 million estimated on closing. The cash portion of the acquisition is expected to be funded, in part, through expanded credit facilities and the issuance of debt securities. (1) Specified financial measure that does not have any standardized meaning prescribed by IFRSand may not be comparablewith the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this press release for further information. (2) Based on the 12-month period fromclosing, July 1, 2023 to June 30, 2024, and the following commodity prices: WTI- US$75/bbl; MEHpremiumto WTI- US$2/bbl, WCSdifferential to WTI- US$17.50/bbl; NYMEXGas - US$3.50/MMbtu; ExchangeRate (CAD/USD) - 1.35. (3) Revenue per boe is calculated as petroleumand natural gas sales divided by barrels of oil equivalent production volume for the applicable period. (4) EBITDA is calculated in accordancewith the credit facilities agreement which is available on SEDARat www.sedar.com. (5) Based on Baytex's closing share price on February 24, 2023 of $5.74. (6) Refer to theDividend Advisory section in this press release for further information. (7) Capital management measure. Refer to the Specified Financial Measures section in this press release for further information. In connection with the Acquisition, Baytex has entered into a debt commitment letter with Canadian Imperial Bank of Commerce ("CIBC"), Royal Bank of Canada ("RBC") and The Bank of Nova Scotia ("BNS") to provide aggregate debt commitments of US$1.75 billion, which are expected to be comprised of a US$1.0 billion revolving credit facility ("Revolving Credit Facility"), a US$250 million term loan ("Term Loan") and a US$500 million 364-day bridge facility ("Bridge Facility"). The Bridge Facility will provide financing to backstop an anticipated issuance of new debt securities prior to closing of the Acquisition. The debt commitments provide Baytex with the ability to optimize its capital structure, which includes the redemption of Ranger's outstanding senior notes, while maintaining adequate go-forward liquidity