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.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...