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
Mexico Pacific Working with Financial Advisers to Secure Saguaro LNG I FID
2024-10-23 - Mexico Pacific is working with MUFG, Santander and JP Morgan to arrange the financing needed to support FID and the anchor phase of Saguaro Energía LNG.
Exclusive: Why Family Offices Favor ‘Lower-Risk’ Oil, Gas Investments
2024-11-22 - Evan Smith, Stephens’ senior vice president for investment banking, describes growth in the company’s network of family offices, specifically those investing in the energy sector, in this Hart Energy Exclusive interview.
US Energy Secretary Nominee Chris Wright Champions Energy at DUG GAS
2024-11-19 - President-elect Donald Trump's energy secretary nominee Chris Wright championed energy's role in bettering human lives earlier this year on stage at Hart Energy’s DUG GAS Conference and Expo.
Exxon Slips After Flagging Weak 4Q Earnings on Refining Squeeze
2025-01-08 - Exxon Mobil shares fell nearly 2% in early trading on Jan. 8 after the top U.S. oil producer warned of a decline in refining profits in the fourth quarter and weak returns across its operations.
Midstream M&A Adjusts After E&Ps’ Rampant Permian Consolidation
2024-10-18 - Scott Brown, CEO of the Midland Basin’s Canes Midstream, said he believes the Permian Basin still has plenty of runway for growth and development.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.