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WTI

W&T Offshore

$9.09

-0.105 (-1.14%)

12:41
10/07/18
10/07
12:41
10/07/18
12:41

W&T Offshore announces pricing of $625M offering of senior second lien notes

W&T Offshore announced the pricing of its previously announced private offering of $625M in aggregate principal amount of senior second lien notes due 2023. The notes, which priced at par, will mature on November 1, 2023, and will pay interest at an annual rate of 9.75%. The closing of the offering of the Notes is expected to occur on October 18, 2018, subject to customary closing conditions. W&T Offshore intends to use the net proceeds of the offering, together with borrowings from a proposed amended revolving bank credit facility and cash on hand, to repay and retire its outstanding 11.00% 1.5 Lien Term Loan and 9.00% Second Lien Term Loan and redeem or repurchase in full all of its outstanding 8.500% Senior Unsecured Notes due 2019, 9.00%/10.75%, Second Lien PIK Toggle Notes due 2020 and 8.50%/10.00%, Third Lien PIK Toggle Notes due 2021. In connection with the offering, W&T Offshore has obtained a commitment letter from three commercial banks for a proposed amended revolving bank credit facility with initial bank lending commitments and borrowing base of $250M that is expected to close concurrently with the closing of the offering of the notes.

WTI W&T Offshore
$9.09

-0.105 (-1.14%)

05/23/18
ROTH
05/23/18
INITIATION
Target $8.75
ROTH
Neutral
W&T Offshore initiated with a Neutral at Roth Capital
Roth Capital analyst John White initiated W&T Offshore with a Neutral rating and $8.75 price target, citing his view that the shares are fully valued at current levels.
05/23/18
05/23/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Quantenna Communications (QTNA) initiated with a Buy at Stifel. 2. Cesca Therapeutics (KOOL) initiated with a Buy at H.C. Wainwright. 3. W&T Offshore (WTI) initiated with a Neutral at Roth Capital. 4. Carrols Restaurant (TAST) initiated with a Buy at SunTrust. 5. Vanda initiated with a Buy at Citi. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
06/14/18
GHSC
06/14/18
UPGRADE
GHSC
Buy
W&T Offshore upgraded to Buy from N/A previously at Seaport Global
Seaport Global analyst Mike Kelly upgraded W&T Offshore to Buy from N/A previously with a $9 price target citing an improved oil price outlook, industry-wide capital improvements across the Gulf of Mexico, and company specific events including the attractively priced acquisition and a transformational JV agreement. Kelly said W&T's Gulf of Mexico assets have been revitalized and leverage "drastically" improved.
06/14/18
06/14/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Capital One (COF) upgraded to Overweight from Neutral at Piper Jaffray with analyst Kevin Barker saying the company's credit profile has improved faster than expected. 2. KBR (KBR) upgraded to Neutral from Sell at Goldman Sachs. 3. NL Industries (NL) upgraded to Equal Weight from Underweight at Barclays with analyst Duffy Fischer saying improvement in equity earnings at Kronos, primarily due to higher TiO2 price realization, provides a better outlook. 4. W&T Offshore (WTI) upgraded to Buy from N/A previously at Seaport Global with analyst Mike Kelly citing an improved oil price outlook, industry-wide capital improvements across the Gulf of Mexico, and company specific events including the attractively priced acquisition and a transformational JV agreement. 5. American Campus (ACC) upgraded to Buy from Neutral at BofA/Merrill with analyst Juan Sanabria saying American Campus is positioning to be a leader in student housing and sees support from institutional interest in the space and views it as attractive versus multifamily valuations. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

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ENB

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CAG

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SNY

Sanofi

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RTN

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IBCP

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EDIT

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GOOG

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LAD

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SFUN

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TS

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PAAS

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CRWS

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AL

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