W & T Offshore Inc

+0.02 (+0.44%)
Debt Financing / Related

W&T Offshore Announces Enhancement To Capital Structure

Published: 05/20/2021 11:25 GMT
W & T Offshore Inc (WTI) - W&t Offshore Announces Enhancement to Capital Structure.
W&t Offshore - Entering Into Transaction With Its Wholly-owned Special Purpose Vehicles and Munich Re Reserve Risk Financing, Inc.w&t Offshore Inc - in Transaction, Transferred 100% of Mobile Bay Assets and Related Gas Treatment Facilities to Spvs.
W&t Offshore Inc - Transfer in Return for Net Cash Proceeds From a $215 Million First-lien Non-recourse Term Loan to Spvs Provided by Mrrf.
W&t Offshore Inc - Through Its 100% Ownership in Spvs, W&t Retains Upside Value in Mobile Bay Assets.
W&t Offshore Inc - a Portion of Proceeds From Transaction Were Used to Repay $48 Million Outstanding Balance on Its Reserve-based Lending Facility.
W&t Offshore Inc - Anticipates an Adjustment to Its Borrowing Base Under Its Rbl As a Result of Transfer of Mobile Bay Assets to Spvs.
W&t Offshore Inc - Combination of Cash Provided by This Transaction Along With Amended Rbl is Expected to Provide Co Significant Liquidity.