Attached files
| file | filename |
|---|---|
| 8-K - 8-K - W&T OFFSHORE INC | d209591d8k.htm |
| EX-99.4 - EX-99.4 - W&T OFFSHORE INC | d209591dex994.htm |
| EX-99.3 - EX-99.3 - W&T OFFSHORE INC | d209591dex993.htm |
| EX-99.2 - EX-99.2 - W&T OFFSHORE INC | d209591dex992.htm |
Exhibit 99.1
| Proposed Terms as of May 16, 2016 | ||
| New Money | • $75 million of new money 1.5 lien to be raised | |
| New Exchange Loans and Notes |
• Up to $180 million of 2nd lien exchange loans pursuant to terms below
• Same terms as the existing 2nd lien except that the coupon will be PIK-toggle for the first three coupons (i.e. through November 2017)
• 10.75% PIK / 9% Cash interest rate | |
| Unsecured Notes | • Exchange into new 2nd lien exchange loans at a ratio of 20 ($200 per $1,000 note)
• 1.5 bond points in cash (up to $13.5 million) ($15 per $1,000 note)
• 45% ownership of Company pro forma for the issuance, assuming 100% participation (69 shares per $1,000 note)
• Offered to 100% of unsecured noteholders | |