HOUSTON, Oct. 18, 2018 /PRNewswire/ -- W&T Offshore,
Inc. (NYSE: WTI) ("W&T Offshore" or the
"Company") announced today that it has closed transactions to
effect a refinancing of substantially all of its outstanding
indebtedness. The Company today closed its previously announced
private offering of $625.0 million in
aggregate principal amount of 9.75% Senior Second Lien Notes due
2023 (the "New Notes") which priced at par. The Company also
entered into a Sixth Amended and Restated Credit Agreement which
provides for a revolving credit and letter of credit facility with
an initial borrowing base of $250.0
million.
The Company used net proceeds from the offering of New Notes,
borrowings under its new amended and restated revolving credit
facility and cash on hand to (i) repay and retire its outstanding
$75.0 million 11.00% 1.5 Lien Term
Loan and $300.0 million 9.00% Second
Lien Term Loan and (ii) redeem or repurchase in full all of its
outstanding 8.500% Senior Notes due 2019, 9.00%/10.75% Senior
Second Lien PIK Toggle Notes due 2020 and 8.50%/10.00% Senior Third
Lien PIK Toggle Notes due 2021 (collectively, the "Existing
Notes").
The Company also announced its repurchase and retirement of
$464.4 million in aggregate principal
of its Existing Notes pursuant to its acceptance of early tenders
of Existing Notes validly tendered and not withdrawn by holders
pursuant to the Company's previously announced offer to purchase
for cash any and all of its outstanding Existing Notes. The
remaining outstanding $63.8 million
in aggregate principal of its Existing Notes was irrevocably called
for redemption on November 17, 2018
under the terms of the applicable indenture governing each issue of
Existing Notes. Sufficient redemption funds were deposited in trust
with the indenture trustee to satisfy and discharge all of the
Company's obligations under the Existing Notes and the respective
indentures, and settlement of such redemptions will occur on
November 19, 2018, the next business
day following the redemption date.
The Company's offer to purchase remaining Existing Notes will
expire at 11:59 p.m., New York City time, on October 31, 2018,
unless extended. Outstanding Existing Notes validly tendered and
not withdrawn and accepted by the Company pursuant to the terms of
the previously announced offer to purchase will receive the tender
offer consideration described in the offer to purchase dated
October 3, 2018, which does not
include the early tender premium, plus accrued and unpaid
interest.
The New Notes are not being registered under the Securities Act
of 1933, as amended (the "Securities Act"), or any state securities
laws; and unless so registered, the New Notes 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 New Notes were 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 New 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 of 1933 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:
|
Lisa
Elliott
|
Janet Yang
|
|
Dennard Lascar
Investor Relations
|
Vice President &
Chief Financial Officer
|
|
lelliott@dennardlascar.com
|
investorrelations@wtoffshore.com
|
|
713-529-6600
|
713-624-7326
|
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SOURCE W&T Offshore, Inc.