W&T Offshore enters into $75 million 11% 1.5-lien term loan due 2019

By Marisa Wong

Morgantown, W.Va., Sept. 13 – W&T Offshore, Inc. entered into a 1.5-lien term loan credit agreement on Sept. 7 with Cortland Capital Market Services LLC as administrative agent and collateral agent for term loans totaling $75 million, according to an 8-K filing with the Securities and Exchange Commission.

The loans under the 1.5-lien term loan credit agreement are secured on a 1.5-lien priority basis by the same collateral that secures the company’s revolving bank credit facility, including its oil and natural gas properties, and are guaranteed by some wholly owned subsidiaries.

The facility matures on Nov. 15, 2019. However, if the company’s 8˝% senior notes due 2019 are not refinanced in whole prior to Feb. 28, 2019 with debt maturing at least 91 days after Nov. 15, 2019, the facility will mature on Feb. 28, 2019.

Loans bear interest at 11%.

W&T Offshore is a Houston-based oil and natural gas exploration and production company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.