W&T Offshore has commitment letter for $250 million amended revolver

By Wendy Van Sickle

Columbus, Ohio, Sept. 27 – W&T Offshore, Inc. has received a commitment letter from three commercial banks for a proposed amended revolving credit facility with initial commitments of $250 million, according to a press release.

The amended revolver is expected to close concurrently with the company’s offering of $625 million of senior second lien notes due 2023.

The company plans to repay and retire its 11% 1.5-lien term loan and 9% second-lien term loan with proceeds of the amended revolver and the new notes, as well as cash on hand.

Additionally, W&T plans to use these same funding sources to redeem or repurchase in full all of its outstanding 8½% senior unsecured notes due 2019, 9%/10¾% second-lien PIK toggle notes due 2020 and 8½%/10% third-lien PIK toggle notes due 2021.

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.