W&T Offshore proposes $350M notes offering; faces $254.7M collateral demands

W&T OFFSHORE INC

$350M senior second lien notes due 2029; proceeds to refinance 2026 notes and repay MRE term loan.
Sureties demanding ~$254.7M collateral; company filed antitrust counterclaims in consolidated litigation.
Credit agreement maturity extended to Jan 31, 2025; risk of failure to refinance noted.
Reserves report: proved PV10 $1.388B; 53.7 MMbbl oil, 13.0 MMbbl NGL, 450.7 Bcf gas as of June 2024.

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