W&T Offshore Announces Proposed Senior Second Lien Notes Offering
January 09, 2023 at 07:09 am
Share
W&T Offshore, Inc. announced its intention to offer, subject to market and other conditions, $275 million in aggregate principal amount of senior second lien notes due 2026 in a private offering that is exempt from registration under the Securities Act of 1933, as amended. The Company intends to use the net proceeds of the offering, along with cash on hand, to redeem all of the Company's 9.75% Senior Second Lien Notes due 2023. The redemption price of the Existing Second Lien Notes is equal to 100.000% of the aggregate principal amount outstanding, plus accrued and unpaid interest to, but not including, the redemption date.
This announcement is not an offer to purchase or a solicitation of an offer to sell the Existing Second Lien Notes, and it does not constitute a notice of redemption of the Existing Second Lien Notes. The Notes and the related guarantees to be offered have not been registered under the Securities Act or any other securities laws, and the Notes and the related guarantees may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. The Notes and the related guarantees will be offered only to persons reasonably believed to be qualified institutional buyers in the United States under Rule 144A and to non-U.S. investors outside the United States pursuant to Regulation S. This press release is being issued pursuant to Rule 135c under the Securities Act and does not constitute an offer to sell, a solicitation of an offer to buy, or a sale of the Notes, the related guarantees, or any other securities, nor does it constitute an offer to sell, a solicitation of an offer to buy or a sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
W&T Offshore, Inc. is an independent oil and natural gas producer. The Company is engaged in the exploration, development and acquisition of oil and natural gas properties in the Gulf of Mexico. It has a working interest in over 53 offshore producing fields in federal and state waters (which include 44 fields in federal waters and nine in state waters). The Company has under lease approximately 597,100 gross acres (440,000 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 435,600 gross acres on the conventional shelf, approximately 153,500 gross acres in the deepwater and 8,000 gross acres in Alabama onshore. The Company's wholly owned subsidiaries consists of Aquasition Energy, LLC, Aquasition, LLC, Aquasition II, LLC, Aquasition III, LLC, Aquasition IV, LLC, Aquasition V, LLC, Green Hell, LLC, Seaquester, LLC, Seaquestration, LLC, and W & T Energy VI, LLC.