W&T Offshore Prices $275 Million Senior Second Lien Notes Offering
12 Janeiro 2023 - 6:15PM
W&T Offshore, Inc. (NYSE: WTI) (“W&T Offshore” or the
“Company”) today announced the pricing of its previously announced
offering of $275 million in aggregate principal amount of 11.750%
senior second lien notes due 2026 (the “Notes”) at par in a private
offering that is exempt from registration under the Securities Act
of 1933, as amended (the “Securities Act”). The closing of the
offering of the Notes is expected to occur on January 27, 2023,
subject to customary closing conditions.
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 “Existing
Second Lien Notes”). On January 9, 2023, the Company delivered a
conditional redemption notice with respect to $552.5 million in
principal amount of the Existing Second Lien Notes. 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 are being 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.
ABOUT W&T OFFSHORE
W&T Offshore, Inc. is an independent oil and
natural gas producer, active in the exploration, development and
acquisition of oil and natural gas properties in the Gulf of
Mexico. As of September 30, 2022, the Company holds working
interests in 47 offshore fields in federal and state waters (45
fields producing and 2 fields capable of producing, which include
39 fields in federal waters and 8 in state waters). The Company
currently has under lease approximately 622,000 gross acres
(449,500 net acres) spanning across the outer continental shelf off
the coasts of Louisiana, Texas, Mississippi and Alabama, with
approximately 8,000 gross acres in Alabama State waters, 449,000
gross acres on the conventional shelf and approximately 165,000
gross acres in the deepwater. A majority of the Company’s daily
production is derived from wells it operates.
FORWARD-LOOKING AND CAUTIONARY
STATEMENTS
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements reflect our
current views with respect to future events, including the
completion, timing and size of the proposed offering, the intended
use of the proceeds, including to fund the redemption of the
Existing Second Lien Notes, and the terms of the Notes being
offered, based on what we believe are reasonable estimates and
assumptions. No assurance can be given, however, that these events
will occur or that our estimates will be correct. These statements
are subject to risks and uncertainties that could cause actual
results to differ materially including, among other things, market
conditions, oil and gas price volatility, uncertainties inherent in
oil and gas production operations and estimating reserves,
uncertainties of the timing and impact of bringing new wells online
and repairing and restoring infrastructure hurricane damage, the
ability to achieve leverage targets, unexpected future capital
expenditures, competition, the success of our risk management
activities, governmental regulations, uncertainties and other
factors discussed in our Annual Report on Form 10-K for the year
ended December 31, 2021 and subsequent Form 10-Q reports found at
www.sec.gov or on our website at www.wtoffshore.com under the
Investor Relations section. Investors are urged to consider closely
the disclosures and risk factors in these reports.
CONTACT:
Al PetrieInvestor Relations
Coordinatorinvestorrelations@wtoffshore.com713-297-8024
Janet YangExecutive Vice President and Chief
Financial Officerjyang@wtoffshore.com 713-626-8525
Source: W&T Offshore, Inc.
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