W&T Offshore talks $600 million eight-year notes to yield 8¼% to 8½%

By Paul A. Harris

Portland, Ore., June 2 - W&T Offshore, Inc. talked its $600 million offering of eight-year senior notes with an 8¼% to 8½% yield on Thursday, according to an informed source.

The books close at noon ET on Friday.

Morgan Stanley & Co. Inc. is the bookrunner for the Rule 144A with registration rights offering.

BNP Paribas Securities, Global Hunter Securities, Iberia Capital Partners, LLC, ING, Lloyds TSB Securities, Natixis Bleichroeder, Scotia Capital (USA) Inc. and TD Securities (USA) LLC are the co-managers.

The notes come with four years of call protection.

Credit ratings remain to be determined.

The Houston-based oil and natural gas company plans to use the proceeds to fund a cash tender offer for its 8¼% senior notes due 2014 and to redeem or repurchase the notes not tendered. Remaining proceeds will be used to repay debt under the company's revolving credit facility and to fund a portion of its recent acquisition in the West Texas Permian Basin.

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