W&T Offshore preps $250 million tap of 8½% notes due 2019; pricing possible Wednesday

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Oct. 17 - W&T Offshore Inc. is planning a $250 million add-on to its existing 8½% senior notes due June 15, 2019 (existing ratings B3/B) as early as Wednesday, a market source said.

Morgan Stanley & Co. LLC, TD Securities (USA) LLC and Wells Fargo Securities LLC are the joint bookrunners.

Global Hunter, Lloyds Securities LLC, Natixis Securities North America Inc. and Scotia Capital (USA) Inc. are the senior co-managers, while ABN Amro Inc., Capital One, Citigroup Global Markets Inc., Goldman Sachs & Co., Iberia, ING Financial Markets LLC and SMBC Nikko are the co-managers.

The Rule 144A with registration rights and Regulation S notes will be callable on June 15, 2015 at 104.25.

Proceeds will be used to repay outstanding debt recently incurred under the company's revolving credit facility and to fund a portion of the Newfield acquisition.

The Houston-based oil and natural gas company priced the original $600 million issue at par on June 3.

Upon registration, the add-on notes will be fungible with the existing notes.

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