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.

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