HOUSTON, Oct. 5, 2018 /PRNewswire/ -- W&T Offshore,
Inc. (NYSE: WTI) ("W&T Offshore" or the
"Company") announced today the pricing of its previously
announced private offering of $625.0
million in aggregate principal amount of senior second lien
notes due 2023 (the "Notes"). The Notes, which priced at par, will
mature on November 1, 2023, and will
pay interest at an annual rate of 9.75%.
The closing of the offering of the Notes is expected to occur on
October 18, 2018, subject to
customary closing conditions. W&T Offshore intends to use the
net proceeds of the offering, together with borrowings from a
proposed amended revolving bank credit facility and cash on hand,
to (i) repay and retire its outstanding 11.00% 1.5 Lien Term Loan
and 9.00% Second Lien Term Loan and (ii) redeem or repurchase in
full all of its outstanding 8.500% Senior Unsecured Notes due 2019,
9.00%/10.75% Second Lien PIK Toggle Notes due 2020 and 8.50%/10.00%
Third Lien PIK Toggle Notes due 2021. In connection with the
offering, W&T Offshore has obtained a commitment letter from
three commercial banks for a proposed amended revolving bank credit
facility with initial bank lending commitments and borrowing base
of $250 million that is expected to
close concurrently with the closing of the offering of the
Notes.
The Notes have not been registered under the Securities Act of
1933, as amended (the "Securities Act"), or any state securities
laws; and unless so registered, the securities may not be offered
or sold in the United States
except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act and
applicable state securities laws. The Notes are being offered only
to qualified institutional buyers in the
United States under Rule 144A and to non-U.S. investors
outside the United States pursuant
to Regulation S.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy, or a sale of, the Notes or any
other securities, nor does it constitute an offer, solicitation or
sale in any jurisdiction in which such offer, solicitation or sale
is unlawful.
About W&T Offshore
W&T Offshore, Inc. is an independent oil and natural gas
producer with operations offshore in the Gulf of Mexico and has grown through
acquisitions, exploration and development. The Company currently
has working interests in 48 producing fields in federal and state
waters and has under lease approximately 650,000 gross acres,
including approximately 440,000 gross acres on the Gulf of Mexico
Shelf and approximately 210,000 gross acres in the deepwater. A
majority of the Company's daily production is derived from wells it
operates.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act and Section 21E of
the Securities Exchange Act of 1934, as amended. These
forward-looking statements reflect our current views with respect
to future events, based on what we believe are reasonable
assumptions. No assurance can be given, however, that these events
will occur. These statements are subject to risks and uncertainties
that could cause actual results to differ materially including,
among other things, market conditions, oil and gas price
volatility, uncertainties inherent in oil and gas production
operations and estimating reserves, unexpected future capital
expenditures, competition, the success of our risk management
activities, governmental regulations, uncertainties and other
factors discussed in W&T Offshore's Annual Report on Form 10-K
for the year ended December 31, 2017
and subsequent Form 10-Q reports found at www.sec.gov or at our
website at www.wtoffshore.com under the Investor Relations section.
Investors are urged to consider closely the disclosures and risk
factors in these reports.
CONTACT:
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Lisa
Elliott
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Janet Yang
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Dennard Lascar
Investor Relations
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VP &
CFO
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lelliott@dennardlascar.com
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investorrelations@wtoffshore.com
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713-529-6600
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713-624-7326
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SOURCE W&T Offshore, Inc.