WTI

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. (NYSE: WTI) on January 13, 2025. The filing discloses the commencement of a cash tender offer and a concurrent consent solicitation regarding the Company's outstanding 11.750% Senior Second Lien Notes due 2026.

Key Financial Metrics

The filing does not provide specific revenue, profit, cash flow, or margin data. The primary financial details relate to debt restructuring:

• Target Debt: 11.750% Senior Second Lien Notes due 2026.
• Proposed New Issuance: $350 million in aggregate principal amount of senior second lien notes due 2029.
• Redemption Price: 100.000% of the aggregate principal amount plus accrued and unpaid interest.

Material Changes and Actions

The Company announced a tender offer to repurchase its 2026 Senior Second Lien Notes. Simultaneously, it is soliciting consents from noteholders to amend the indenture, which would eliminate substantially all restrictive covenants and various events of default. The tender offer is conditioned on the successful issuance and sale of the new $350 million Notes due 2029.

Outlook, Risks, and Contingencies

Timeline and Conditions:

• Early Settlement Date: Expected January 28, 2025, contingent on receiving net proceeds from the new Notes offering.
• Conditional Redemption: The Company intends to issue a conditional notice of redemption for any remaining 2026 Notes on the early settlement date.
• Final Redemption Date: August 1, 2025, for any Notes not tendered or purchased.

Risks: The filing contains forward-looking statements subject to risks and uncertainties. There is no assurance that the plans, including the tender offer and new issuance, will be achieved. Actual outcomes may differ materially from expectations.

Investor Verification Checklist

• Verify the success of the $350 million Notes due 2029 offering, as the tender offer is conditioned on this event.
• Confirm the final settlement date of the tender offer and the status of the consent solicitation.
• Review the specific terms of the proposed indenture amendments regarding the elimination of restrictive covenants.
• Monitor the Company's liquidity position to ensure it can fund the redemption of remaining notes by August 1, 2025.