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W&T Offshore holders deliver needed tenders, consents for 8¼% notes
By Susanna Moon
Chicago, June 10 - W&T Offshore, Inc. said it receive the needed consents to amend its $450 million of 8¼% senior notes due 2014 and that it planned to execute a supplemental indenture on June 10.
Holders tendered $406.15 million, or about 90%, of the outstanding principal amount of notes by the consent deadline, which was 11:59 p.m. ET on June 9.
The amendments will eliminate most of the restrictive covenants and some events of default in the indenture. Consents were needed from the holders of at least a majority of the notes.
The supplemental indenture will become operation on the payment date, which was expected to be June 10 for the notes tendered so far.
The company will pay $1,043.75 for each $1,000 principal amount of notes plus accrued interest up to but excluding the payment date. This payment includes a consent payment of $30.00 for each note tendered by the consent expiration.
The tender offer will continue until 11:59 p.m. ET on June 23. It began May 26.
Holders who tender after the consent date will be ineligible to receive the consent fee.
The offer is subject to the execution of a supplemental indenture effecting the amendments to the indenture and the completion of a capital markets debt offering raising enough proceeds to fund the offer.
The company expected to close a $600 million issue of 8½% senior notes due 2019 on June 10.
The dealer manager and solicitation agent is Morgan Stanley & Co. Inc. (800 624-1808 or 212 761-1057). The depositary and information agent is D.F. King & Co., Inc. (800 431-9643 or, for banks and brokers, 212 269-5550).
W&T Offshore is a Houston-based oil and natural gas company.
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