W&T Offshore Completes Conversion of Revolving Credit Facility to Reserve-Based Lending Structure, Enhancing Financial Flexibility
W&T Offshore completed the conversion of its revolving credit facility to a reserve-based lending structure. The changes eliminate the cash sweep, quarterly clean-down and asset coverage test, and increase restricted payments capacity by 50% to $15 million, with no change to pricing or financial covenants and no amendment fees.
Why it matters — WTI watchers may note the facility changes remove certain requirements and increase the company’s restricted payments capacity.