W&T Offshore Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report (Form 8-K) was filed by W&T Offshore, Inc. on November 6, 2007. The report details the entry into a material definitive agreement regarding the company's credit facilities.
Key Financial Metrics
The filing focuses on debt capacity and liquidity adjustments rather than operational performance metrics.
- Borrowing Base: Re-determined at $710 million.
- Revolving Loan Facility Availability: Increased to $500 million.
- Facility Increase: Represents a $200 million increase from the previous available amount.
- Revenue, Profit, Cash Flow, Margins: The filing text does not provide a clear value for these operational metrics.
Material Changes
Effective November 6, 2007, the company executed a Waiver and Fourth Amendment to its Third Amended and Restated Credit Agreement (dated May 26, 2006). This amendment was entered into with Toronto Dominion (Texas) LLC as agent and the respective lenders. The primary change is the expansion of the revolving loan facility availability by $200 million.
Outlook, Risks, and Contingencies
The amended Credit Agreement stipulates that the borrowing base and facility amounts are subject to re-determination on March 1 and September 1 of each year, or as otherwise adjusted under the agreement's terms. The filing incorporates by reference the creation of a direct financial obligation under the amended terms. No specific management commentary on future outlook or unusual items is provided in this text.
Investor Verification Checklist
- Verify the full terms of the Waiver and Fourth Amendment (Exhibit 10.1) for covenants and conditions.
- Confirm the specific criteria used for the re-determination of the $710 million borrowing base.
- Review the company's utilization of the new $500 million revolving facility availability.
- Monitor upcoming re-determination dates (March 1 and September 1) for potential adjustments to credit capacity.