W&T Offshore Announces Successful Offerings and Initial Results of Tender Offer and Consent Solicitation

W&T Offshore, Inc. (NYSE: WTI) recently disclosed updates regarding its financial operations through an 8-K SEC filing dated January 29, 2025. The Houston-based independent oil and natural gas producer announced the completion of its offering of $350 million in aggregate principal amount of 10.750% senior second lien notes due 2029 through a private offering exempt from registration under the Securities Act of 1933.

Moreover, on the same day, W&T Offshore issued a press release detailing the outcomes of its previously announced tender offer and consent solicitation for any and all of its outstanding 11.750% senior second lien notes due 2026. The company received the requisite tenders and consents for proposed amendments, eliminating significant restrictive covenants and default provisions contained in the indenture governing these notes. The Proposed Amendments were effective upon the execution of a supplemental indenture to the Indenture on January 27, 2025.

During the Early Settlement Date on January 28, 2025, W&T Offshore accepted and purchased $269,741,000 aggregate principal amount of the 2026 Senior Second Lien Notes, representing about 98.09% of the outstanding principal amount. The purchase price was set at $1,036.25 per $1,000 principal amount of notes purchased, plus accrued and unpaid interest. Approximately $5,259,000 principal amount of the notes will remain outstanding after the initial purchase.

The tender offer for the 2026 Senior Second Lien Notes is set to expire on February 11, 2025, unless extended by W&T Offshore at its discretion. Holders tendering notes on or before the Expiration Time, if accepted, will receive $1,006.25 per $1,000 principal amount, plus accrued and unpaid interest until the February 13, 2025 final settlement date.

Additionally, the company issued a notice of redemption to the remaining holders of the 2026 Senior Second Lien Notes on January 28, 2025. This notice calls for the redemption of any outstanding notes on August 1, 2025, at a redemption price of 100.000% of the aggregate principal amount, plus accrued and unpaid interest.

W&T Offshore engaged Morgan Stanley & Co. LLC as the dealer manager for the Tender Offer and the solicitation agent for the Consent Solicitation. The Offer to Purchase is available to note holders through D.F. King & Co., Inc., the designated information agent and tender agent for the processes.

It is noteworthy that none of the press releases related to these offerings represent an offer to sell or buy any security. The securities offered have not been registered under the Securities Act and may not be sold in the United States absent registration or an applicable exemption from registration laws.

The information disclosed in the 8-K filing was “furnished,” as per General Instruction B.2 of Form 8-K, and is not meant to be considered “filed” under the Securities Exchange Act of 1934.

The company’s financial statements and pertinent exhibits, including press releases, have been provided for reference in the filing, ensuring transparency for investors and stakeholders. W&T Offshore remains committed to adhering to regulatory standards and keeping the market informed about its financial activities and strategic decisions.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read W&T Offshore’s 8K filing here.

About W&T Offshore

W&T Offshore, Inc engages in the production, exploration, development, and acquisition of oil and natural gas properties. It focuses its operations in the Gulf of Mexico. The company was founded by Tracy W. Krohn in 1983 and is headquartered in Houston, TX.