W&T Offshore Inc. - 2011-06-06
Description
The company has priced at par its private offering of $600 million aggregate principal amount of 8.5% senior notes due 2019. The offering is expected to close on June 10, 2011, subject to customary closing conditions.
W&T Offshore intends to use the net proceeds from the senior notes offering to fund the purchase price of its cash tender offer for any and all 8.25% senior notes due 2014. The remaining net proceeds will be used to repay outstanding indebtedness incurred under its revolving bank credit facility that was used to fund a portion of its recent acquisition in the West Texas Permian Basin.