W&T Offshore modifies term loan with Munich Re

Chicago, March 18 – W&T Offshore, Inc.’s indirect wholly owned subsidiary, Aquasition LLC, and its subsidiary, Aquasition II LLC, modified the credit agreement with Munich Re Reserve Risk Financing, Inc. on March 17, according to an 8-K filing with the Securities and Exchange Commission.

Post-amortization payments, there is $114.2 million outstanding on the loan as of Dec. 31, 2023. The original loan, signed May 19, 2021, was $215 million.

The amendment defers $30.1 million of principal repayments during 2024.

Principal repayments will resume in the first quarter of 2025. The company will have the option to catch up on deferred amortization through excess cash flow sweep.

Cash interest will be due each quarter on the remaining principal balance. The coupon will remain at 7%.

The borrower will pay a $200,000 amendment fee in quarterly installments.

The call schedule has also been modified. Any call will be at 103 from May 2024 to May 2026, 102 from May 2026 to May 2027 and 101 from May 2027 to May 2028.

W&T Offshore is an independent oil and natural gas producer based in Houston.

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