W&T Offshore issues $350M 10.750% senior second lien notes due 2029, enters new $50M credit facility

W&T OFFSHORE INC

Issued $350M in 10.750% senior second lien notes due Feb 1, 2029; interest payable Feb 1 and Aug 1 starting Aug 1, 2025.
Entered new $50M revolving credit facility with Texas Capital Bank, maturing July 28, 2028; margins SOFR+3.75% to 4.75%.
Terminated prior credit facility and prior term loan; redeemed all outstanding 11.750% senior second lien notes due 2026.
Notes secured by second-priority liens on substantially all oil and gas properties; effectively subordinated to credit facility.
Credit facility requires quarterly prepayment and hedging if revolving exposure exceeds $20M.

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