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.
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