secwatch.observer — SEC 8-K summary
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Issuer:     W&T OFFSHORE INC (WTI)
CIK:        0001288403
Form:       8-K
Filed at:   2026-10-07T20:51:00+00:00
Accession:  0001104659-26-114390
Event type: debt
Sentiment:  positive
Materiality: 0.55
Item codes: 1.01, 2.03, 7.01, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1288403/000110465926114390/0001104659-26-114390-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1288403/000110465926114390/tm2627061d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-114390

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