---
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"
generated_at: "2026-10-12T15:48:20.970634+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# W&T Offshore converts credit facility to $50M reserve-based loan, drops cash sweep, raises restricted payments to $15M

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: positive
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-114390
- JSON: https://secwatch.observer/filing/0001104659-26-114390.json
- Plain text: https://secwatch.observer/filing/0001104659-26-114390.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.