W&T Offshore repays first $64 million installment of excess borrowings

By Marisa Wong

Morgantown, W.Va., May 4 – W&T Offshore, Inc. said it repaid $52 million of its revolving bank credit facility on March 31 and $12 million more on May 2.

The company is required to repay $64 million of the facility on May 31 and another $64 million on June 30, in addition to interest payments on its long-term debt.

As previously announced, the company borrowed $340 million under its credit agreement in February. On March 23, the borrowing base was reduced to $150 million from $350 million, resulting in $191 million of excess borrowings.

The company is required to repay the amount of borrowings and letters of credit in excess of the redetermined borrowing base in three installments over 90 days.

At March 31, the company had a cash balance of $370.6 million, according to a press release.

W&T Offshore is a Houston-based oil and natural gas producer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.