W&T Offshore reduces debt with exchange offer

W&T Offshore Inc. (NYSE: WTI) announced the expiration and final results for its previously announced exchange offer and consent solicitation to eligible holders.

In a note Friday morning, Capital One Securities analyst Richard Tullis called the result positive. “WTI announced a successful final result on the debt exchange of its $900MM 8.5% senior notes due June 2019. WTI was able to exchange $710MM (79%) of the outstanding notes for 60.4MM shares of common stock, $160MM of new 2nd lien PIK toggle notes due 2020, and $142MM of new 3rd lien PIK toggle notes due 2021.”

Overall, Tullis noted, the exchange reduces W&T’s debt by $408 million.

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