E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 11/5/2015 in the Prospect News Bank Loan Daily.

W&T Offshore amends credit agreement to eliminate, adjust ratios

By Wendy Van Sickle

Columbus, Ohio, Nov. 5 – W&T Offshore, Inc. amended its credit agreement dated Nov. 8, 2013 with Toronto Dominion (Texas) LLC as administrative agent, according to an 8-K filed with the Securities and Exchange Commission.

The Oct. 30 amendment did the following:

• Eliminated the maximum leverage ratio;

• Eliminated the minimum interest coverage ratio;

• Revised the first lien leverage ratio to 1.5 times from 2.5 times, effective for the third quarter of 2015;

• Kept the minimum current ratio requirement of 0.75 times through the fourth quarter of 2015 and maintained increasing the ratio to 1 time in the first quarter of 2016; and

• Maintained the maximum secured debt leverage ratio requirement at 3.5 times.

After the fall of 2015 redetermination, the borrowing base was set at $350 million effective Oct. 30.

W&T Offshore is a Houston-based oil and natural gas producer.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.