Debt | Capital Markets | Credit Facility Change
W&T Offshore Draw Down Entire Credit Facility; $340MM; New Legal Advisor
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W&T Offshore, Inc. announced that it has borrowed approximately $340 million under the Company's Bank Credit Facility, to be used for general corporate purposes. Including these funds, the Company's current cash position totals approximately $447 million.
The company has retained Kirkland & Ellis LLP as its legal advisor. Several companies who have recently tapped out their credit lines have listed Kirkland & Ellis as their advisor.
Tracy W. Krohn, Chairman and Chief Executive Officer, said: "W&T Offshore has a strong liquidity position and continues to deliver solid operational results. We continue to reduce costs and note that our exploration success for nearly three years has been one hundred percent. We expect to place our recent discovery, the Ewing Bank 954 A-8, on line in March…
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