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-99.1 - EX-99.1 - W&T OFFSHORE INC | d209591dex991.htm |
Exhibit 99.2
| Proposed Terms as of June 9, 2016 | ||
| New Money | • Certain Noteholders will backstop $75 million New 1.5 Lien Term Loan at 11% cash interest | |
| New Exchange Loans and Notes |
• Up to $180 million of 2nd lien exchange loans under same terms as preliminary agreement
• Up to $270 million of unsecured exchange notes due 2021 pursuant to terms below:
• Coupon will be 1% cash pay for two years (through 6/30/18) and 8.5% cash pay thereafter (5NC2) | |
| Unsecured Notes | • Exchange into new 2nd lien exchange loans at a ratio of 20 ($200 per $1,000 note)
• Exchanging notes receive new unsecured exchange notes at a ratio of 30 ($300 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
• No cash payment | |