W&T OFFSHORE INC

13 Sept 2016capital raising announcement▼ BadMajor

W&T completed the debt exchange for its 8.5% notes due 2019, with the filing covering the paperwork. Holders of $710.2 million (about 78.9%) of the $900 million notes swapped them for 60,435,544 new common shares, $159.8 million of new 9.00%/10.75% second lien PIK toggle notes due 2020 and $142.0 million of new 8.50%/10.00% third lien PIK toggle notes due 2021. W&T also took out a new $75 million 1.5 lien term loan at 11% from Cortland Capital Market Services as agent. For shareholders this means dilution from the new shares, more secured debt ranking ahead of the remaining unexchanged notes, and a loan that matures earlier (Feb 28, 2019) if the 2019 notes are not refinanced.

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15 June 2007capital raising announcement● NeutralMajor

W&T sold $450 million of 8.25% senior notes due 2014 to investors in a private placement led by Morgan Stanley, closing June 13, 2007. It plans to use substantially all of the net proceeds to repay part of its bank credit facility borrowings, which likely include borrowings tied to the 2006 Kerr-McGee shelf acquisition (inference). The notes are unsecured and guaranteed by seven subsidiaries, so this swaps bank debt for fixed-rate long-term debt rather than adding new spending capacity.

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