W&T Offshore tenders for 8½% notes, 9% PIK notes, 8½% PIK notes

New York, Oct. 5 – W&T Offshore, Inc. began a tender offer for its $189,829,000 of 8½% senior notes due 2019, its $177,513,418 of 9%/10¾% senior second lien PIK toggle notes due 2020 and its $160,581,884 of 8½%/10% senior third lien PIK toggle notes due 2021, according to a news release.

The company is offering $1,003.75 per $1,000 principal amount for the 8½% notes, $1,026.50 per $1,000 principal amount for the 9%/10¾% notes and $1,046.25 per $1,000 principal amount for the 8½%/10% notes.

All the prices include a $30.00 per $1,000 early tender premium that will only be paid for notes submitted by the early deadline of 5 p.m. ET on Oct. 17.

In addition, W&T Offshore will pay accrued interest up to but excluding the settlement date.

The offer, which began on Oct. 3, ends at 11:59 p.m. ET on Oct. 31.

Early settlement is planned for Oct. 18 and final settlement for Nov. 1.

Tendered notes may be withdrawn before 5 p.m. ET on Oct. 17.

The three tenders are subject to conditions, include completion of a debt offering that raise sufficient proceeds to fund the tender offer when combined with cash on hand and revolving credit facility borrowings.

W&T Offshore said it plans to redeem any notes not tendered.

Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057) is dealer manager. D.F. King & Co., Inc. (800 207-2872, 212 269-5550 or wti@dfking.com) is tender agent and information agent.

W&T Offshore is a Houston-based oil and natural gas producer operating in the Gulf of Mexico.

© 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.