W&T Offshore Inc.
Description
Received a first-lien non-recourse term loan from Munich Re Reserve Risk Financing Inc. in exchange for the transfer of 100% of its Mobile Bay area assets and related gas treatment facilities located offshore Alabama in the eastern U.S. Gulf of Mexico to special purpose vehicles wholly owned by W&T. A portion of proceeds were used to repay the $48 million outstanding balance on its reserve-based lending facility and commodity hedging contracts related to the anticipated future production of the Mobile Bay assets. Remaining proceeds will be used for general corporate purposes, including oil and gas acquisitions, development activities and other opportunities to grow its broader asset base.