W&T Offshore Closes $350mn Senior Second Lien Notes Offering 

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HOUSTON, TEXAS (Editors  at Energy Analytics Institute, 29.Jan.2025) — W&T Offshore, Inc. closed its previously announced offering of $350mn on 28 Jan. 2025 for an aggregate principal amount of 10.750% Senior Second Lien Notes due 2029 at par.

The transaction was a private offering exempt from registration under the Securities Act of 1933, as amended, and receipt of proceeds from a previously-announced insurance settlement. 

In conjunction with the notes issuance, W&T entered into a credit agreement which provides it with a revolving credit facility of $50mn, the company said 29 Jan. 2025 in an official statement.

  • Closed $350mn of Notes;
    • Lowered the interest rate from the previous 11.750% Senior Second Lien Notes due 2026 by 100 basis points;
    • Repaid $114.2mn outstanding under the term loan provided by Munich Re Risk Financing, Inc., as lender;
  • Entered into a new credit agreement for a $50mn revolving credit facility through Jul. 2028 that is undrawn and replaces the previous credit facility provided by Calculus Lending, LLC; and
  • Received in cash $58.2mn of the previously announced $58.5mn insurance settlement related to the Mobile Bay 78-1 well, with the remainder expected shortly, which further bolsters W&T’s balance sheet.

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By Editors at Energy Analytics Institute. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.

ENERGY ANALYTICS INSTITUTE (EAI) https://energy-analytics-institute.org

Energy Analytics Institute (EAI), formerly LatinPetroleum.com, is a Houston-established private organization with a satellite presence in Calgary, Mexico City and Venezuela where it operates under Editores LatinPetroleum SA. Since 1999, EAI has been a leader in energy news coverage of Latin America in particular. Coverage, run out of Latin America, now spans the world and encompasses nearly all energy and energy-related sectors.

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