W&T Offshore Inc. - 2011-05-06
Description
Entered a new four-year revolving bank credit facilitywith Toronto Dominion (Texas) LLC that increases the company's borrowing base and revolver capacity to $525 million, compared with $405.5 million under the prior bank credit facility. In addition, the borrowing base and revolver capacity will automatically increase to $575 million, when the previously announced acquisition of certain properties from Shell Offshore Inc. is completed, which is expected to be in the second quarter of 2011.