W&T Offshore closes $350M notes offering, lowers coupon 100bp, tenders 98% of 2026 notes

W&T OFFSHORE INC

Closed $350M of 10.750% senior second lien notes due 2029; coupon reduced 100bp from prior 11.750% notes.
Repaid $114.2M MRE Term Loan and entered new $50M revolving credit facility (undrawn) through July 2028.
Received $58.2M insurance settlement for Mobile Bay 78-1 well; expects remaining $0.3M shortly.
Tender offer purchased $269.7M (98.09%) of outstanding 11.750% notes due 2026 at $1,036.25 per $1,000 plus accrued.
Remaining $5.3M of old notes to be redeemed on Aug 1, 2025; tender offer expires Feb 11, 2025.

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