w&t offshore inc (WTI) Key Developments
W&T Offshore, Inc. Announces Pricing of $300 Million Term Loan Financing
May 5 15
W&T Offshore Inc. announced that it has successfully completed the pricing and marketing of a $300 million five-year second-lien term loan. The term loan is expected to be made subject to a 1.0% discount to principal bearing interest at an annual rate of 9.0%. It is expected that an entity controlled by Tracy W. Krohn, W&T Offshore's Chairman and Chief Executive Officer, will participate in the term loan for a $5.0 million principal commitment on the same terms as other lenders. Net borrowings under the term loan will be used to repay a portion of outstanding borrowings under the company's existing revolving credit facility. Upon the issuance of the term loan, the company's borrowing base under its revolving credit facility will be reduced from $600.0 million to $500.0 million. The lender commitments and making of the term loan are subject to the negotiation, approval and execution of definitive loan documentation, which includes an inter-creditor agreement to be approved by lenders under the company's revolving credit facility. While the term loan is expected to close early next week, there is no assurance that the term loan will be finalized and made.
W&T Offshore Inc. to Report Q1, 2015 Results on May 06, 2015
Apr 27 15
W&T Offshore Inc. announced that they will report Q1, 2015 results at 5:00 PM, Eastern Standard Time on May 06, 2015
W&T Offshore, Inc. Enters into the First Amendment to Fifth Amended and Restated Credit Agreement
Apr 27 15
On April 23, 2015, W&T Offshore Inc. entered into the first amendment to fifth amended and restated credit agreement among the company, as the borrower, Toronto Dominion (Texas) LLC, as the administrative agent, the lenders and other parties thereto. The amendment amended the company's fifth amended and restated credit agreement dated as of November 8, 2013 (the original credit agreement, and the original credit agreement as amended by the amendment, the credit agreement), which provides a secured revolving bank credit facility that matures on November 8, 2018. At March 31, 2015, there were $514 million of borrowings and approximately $0.6 million of letters of credit outstanding under the revolving bank credit facility. The amendment sets the borrowing base as of the date of the amendment at $600 million. The amendment increased the applicable margin applied to borrowings under the credit agreement by 50 basis points (0.5%) on an annual basis such that the LIBOR borrowings are subject to applicable margins ranging from 2.25% to 3.25% and alternate base rate borrowings are subject to applicable margins ranging from 1.25% to 2.25%.
W&T Offshore Inc., Annual General Meeting, May 06, 2015
Mar 24 15
W&T Offshore Inc., Annual General Meeting, May 06, 2015., at 08:00 Central Daylight. Location: Offices of W&T Offshore, Inc. Agenda: To consider the election of directors; to consider the proposal to ratify the appointment of Ernst & Young LLP as independent registered public accountants; and to transact such other business as may properly come before the meeting and any adjournment or postponement thereof.
W&T Offshore Inc. Presents at IPAA's OGIS New York, Apr-21-2015 04:30 PM
Mar 18 15
W&T Offshore Inc. Presents at IPAA's OGIS New York, Apr-21-2015 04:30 PM. Venue: Sheraton New York Times Square Hotel, 811 7th Avenue, New York, New York, United States. Speakers: Tracy W. Krohn, Co-Founder, Chairman, Chief Executive Officer and Member of Nominating & Corporate Governance Committee.