![W&T Offshore Prices $275 Million in Private Notes Offering](/sites/default/files/styles/hart_news_article_image_640/public/image/2023/01/wt-offshore-debt-offering.jpg?itok=qmYB2YVz)
The company intends to use the net proceeds of the offering, along with cash on hand, to redeem all of its 9.75% senior second lien notes due in 2023. (Source: Lukasz Z/ Shutterstock.com)
W&T Offshore Inc. priced the offering of $275 million in aggregate principal amount of 11.750% senior second lien notes due 2026 at par in a private offering, according to a Jan. 12 press release.
The closing of the offering is expected on Jan. 27, 2023, subject to customary closing conditions.
The company intends to use the net proceeds of the offering, along with cash on hand, to redeem all of its 9.75% senior second lien notes due in 2023. On Jan. 9, W&T delivered a conditional redemption notice of $552.5 million on the principal amount of its existing second lien notes.
Houston-based W&T Offshore holds working interests in 47 offshore fields in federal and state waters and leases approximately 449,500 net acres across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, as of Sept. 30.
Recommended Reading
Baker Hughes Awarded Saudi Pipeline Technology Contract
2024-04-23 - Baker Hughes will supply centrifugal compressors for Saudi Arabia’s new pipeline system, which aims to increase gas distribution across the kingdom and reduce carbon emissions
BP Restructures, Reduces Executive Team to 10
2024-04-18 - BP said the organizational changes will reduce duplication and reporting line complexity.
OFS Sector Loses Jobs, but Trade Org Says Growth Potential Remains
2024-05-08 - According to analysis by the Energy Workforce & Technology Council, the OFS job market may still have potential for growth despite a slight decrease in the sector in April.
Dividends Declared in the Week of May 6
2024-05-10 - Here is a selection of upstream, midstream and service and supply companies’ dividends declared in the past week.
Petrobras CEO Prates to Step Down
2024-05-15 - Brazil’s President Luiz Inácio Lula da Silva has requested that Petrobras CEO Jean Paul Prates resign following a dispute over dividend payments.