Moody's: W&T Offshore notes B3

Moody's Investors Service said it assigned a B3 rating to W&T Offshore, Inc.'s proposed $250 million 8½% senior unsecured notes due 2019.

W&T's other ratings and outlook were unchanged.

"The new notes will be issued under the same indenture governing the existing $600 million senior unsecured notes and will have identical terms and conditions," Moody's analyst Sajjad Alam said in a news release. "While we expect W&T's borrowing base to be reduced because of this note issue, the company's liquidity is improved from expanded availability and the likelihood of an upsized borrowing base during next re-determination."

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