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W&T Offshore to use proceeds of $625M senior second lien notes to pay down debt

W&T Offshore Inc. said Oct. 5 its private offering of $625 million in aggregate principal amount of senior second lien notes were priced at par. The notes will mature on Nov. 1, 2023, and will pay interest at an annual rate of 9.75%.

W&T Offshore will use the net proceeds of the offering, together with borrowings from a proposed amended revolving bank credit facility and cash on hand, to repay and retire its outstanding 11% 1.5 lien term loan and 9% second lien term loan, as well as redeem or repurchase in full ts outstanding 8.5% senior unsecured notes due 2019, 9%/10.75% second lien pay-in-kind toggle notes due 2020 and 8.5%/10% third lien pay-in-kind toggle notes due 2021.

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 on Oct. 18, subject to customary closing conditions.