W&T Offshore, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by W&T Offshore, Inc. on March 15, 2005. The report details the entry into a new material definitive agreement regarding the company's credit facilities.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, or margin data. The primary financial metric disclosed relates to the company's debt structure:
- New Credit Facility Size: $300 million
- Initial Borrowing Base: $230 million
- Maturity Date: March 15, 2009
- Collateral: 80% of oil and natural gas properties and stock of subsidiaries
Material Changes
Effective March 15, 2005, the company terminated its previous Amended and Restated Credit Agreement dated February 24, 2000. This prior agreement was replaced by the new $300 million facility described above. The new facility involves a syndicate of lenders including Toronto Dominion (Texas) LLC, JPMorgan Chase Bank, N.A., and Fortis Capital Corp., among others.
Outlook and Risks
The filing does not contain management commentary on future guidance, specific risks, or contingencies beyond the terms of the new credit agreement. The agreement is secured by a significant portion of the company's assets, indicating reliance on oil and natural gas property values for liquidity.
Investor Verification Checklist
- Verify the specific terms and covenants of the Second Amended and Restated Credit Agreement (Exhibit 10.1).
- Confirm the current valuation of the oil and natural gas properties securing the 80% collateral requirement.
- Review the list of participating lenders to assess the breadth of the company's banking relationships.
- Check subsequent filings for any amendments to the borrowing base or utilization of the $300 million facility.