W&T Offshore converts USD 50 million revolver into reserve-based lending facility with Texas Capital Bank-led group
Bitget2026/10/07 20:45W&T Offshore amended its Texas Capital Bank-led revolving credit facility on Oct. 1, converting it to a reserve-based lending facility. Initial borrowing base set at USD 50 million, supporting USD 50 million of commitments, with potential expansion to USD 100 million with lender consent. Amendment removes the 75% excess cash flow sweep, quarterly clean-down requirement, and USD 100 million PDP PV-10 asset coverage covenant. Restricted payments basket increased to USD 15 million from USD 10 million. Pricing, maturity, collateral, and key covenants unchanged, including 2.50x maximum net leverage and 1.00x minimum current ratio. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. W&T Offshore Inc. published the original content used to generate this news brief via GlobeNewswire (Ref. ID: 202610071645PRIMZONEFULLFEED9841656) on October 07, 2026, and is solely responsible for the information contained therein.
- W&T Offshore amended its Texas Capital Bank-led revolving credit facility on Oct. 1, converting it to a reserve-based lending facility.
- Initial borrowing base set at USD 50 million, supporting USD 50 million of commitments, with potential expansion to USD 100 million with lender consent.
- Amendment removes the 75% excess cash flow sweep, quarterly clean-down requirement, and USD 100 million PDP PV-10 asset coverage covenant.
- Restricted payments basket increased to USD 15 million from USD 10 million.
- Pricing, maturity, collateral, and key covenants unchanged, including 2.50x maximum net leverage and 1.00x minimum current ratio.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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