W&T Offshore defers $30.1M principal payments on non-recourse term loan through 2024

W&T OFFSHORE INC

Deferred $30.1M of principal repayments due in 2024; mandatory payments resume Q1 2025 with optional catch-up via excess cash flow sweep.
Coupon unchanged at 7.00% fixed; cash interest continues quarterly on ~$114M principal balance as of Dec 31, 2023.
Amendment fee of $200K paid in four quarterly $50K installments starting Q1 2024.
Revised prepayment premium: 103% of par May 2024-May 2026, 102% May 2026-May 2027, 101% May 2027 to May 19, 2028 maturity.
Final maturity unchanged at May 19, 2028; company says modification enhances liquidity without increasing net leverage.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

W&T OFFSHORE INC amended First Amendment to Credit Agreement with Munich Re Reserve Risk Financing, Inc. valued at $30.1 million (effective 2024-03-17).

Action: amendment
Agreement: credit facility
Counterparty: Munich Re Reserve Risk Financing, Inc.
Value: $30.1 million
Effective: 2024-03-17

Exact text from the filing

On March 17, 2024, Aquasition LLC (“A-I LLC”), a Delaware limited liability company and indirect, wholly-owned subsidiary of W&T Offshore, Inc., a Texas corporation (the “Company”), and Aquasition II LLC (“A-II LLC”), a Delaware limited liability company and indirect, wholly-owned subsidiary of the Company, entered into that certain First Amendment to Credit Agreement (the “Amendment”), by and among A-I LLC, as borrower, A-II LLC, as co-borrower (together in such capacity, the “Borrowers”), and Munich Re Reserve Risk Financing, Inc. (“Munich Re”), as lender, amending that certain Credit Agreement, dated as of May 19, 2021 (the “Credit Agreement”), among the Borrowers and Munich Re.

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Source: SEC EDGAR

accession 0001104659-24-035220

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