secwatch.observer — SEC 8-K summary
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Issuer:     W&T OFFSHORE INC (WTI)
CIK:        0001288403
Form:       8-K
Filed at:   2025-02-03T23:59:59+00:00
Accession:  0001104659-25-008711
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 1.02, 2.03
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1288403/000110465925008711/0001104659-25-008711-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1288403/000110465925008711/tm254674d2_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-25-008711

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