{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-26-114390","form_type":"8-K","ticker":"WTI","cik":"0001288403","company_name":"W&T OFFSHORE INC","filed_at":"2026-10-07T20:51:00+00:00","discovered_at":"2026-10-07T20:52:00.236829+00:00","generated_at":"2026-10-12T15:48:20.970634+00:00","sec_items":["1.01","2.03","7.01","9.01"],"event_type":"debt","sentiment":"positive","materiality_score":0.55,"calibrated_materiality_score":0.55,"confidence":"high","headline":"W&T Offshore converts credit facility to $50M reserve-based loan, drops cash sweep, raises restricted payments to $15M","bullets":["Second Amendment to Credit Agreement on Oct 1, 2026 converts W&T's revolver to a reserve-based facility: $50.0M initial borrowing base, $100.0M aggregate maximum, maturing July 28, 2028.","Facility drops the 75% excess cash flow sweep, quarterly clean-down, and $100.0M minimum PDP PV-10 asset coverage covenant; restricted payments basket raised 50% to $15.0M from $10.0M.","Pricing and covenants unchanged: SOFR floor 3.00%, margins 3.750%-4.750%, max net leverage 2.50x, min current ratio 1.00x; no amendment fees, only customary admin-agent expense reimbursement.","Macquarie Bank exited as lender; Canadian Imperial Bank of Commerce (CIBC) rejoined with a $10.0M commitment (20% of elected commitments). Continuing lenders kept full commitments.","CEO Tracy W. Krohn cites total liquidity of ~$234M entering Q4 2026; borrowing now conditioned on consolidated cash not exceeding greater of $10.0M and 10% of borrowing base."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-26-114390","json":"https://secwatch.observer/filing/0001104659-26-114390.json","markdown":"https://secwatch.observer/filing/0001104659-26-114390.md","text":"https://secwatch.observer/filing/0001104659-26-114390.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1288403/000110465926114390/0001104659-26-114390-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1288403/000110465926114390/tm2627061d1_8k.htm"},"model":{"generated_by":"deepseek-v4.1-flash:cloud@v2","generated_at":"2026-10-12T15:48:20.970634+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}