Peyto Exploration & Development Corp. announced that it has priced an issuance of $160 million of senior secured notes. The notes will have a coupon rate of 6.46% and mature in October 2030.

The notes will be issued by way of a private placement pursuant to a note purchase agreement and rank equally with Peyto's obligations under its credit facility and existing note purchase and private shelf agreement. Interest will be paid semi-annually in arrears. Proceeds from the notes will be used to repay the $100 million, 3.70% notes due October 24, 2023 and to decrease Peyto?s borrowings under its amended credit facility.

Closing of the private placement is expected to occur on October 24, 2023. The senior notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.