Financing ·
W&T Offshore converts $50M revolving credit facility to reserve-based structure with up to $100M capacity
WTIW&T Offshore Inc
W&T Offshore amended its Credit Agreement on October 1, 2026, converting its existing $50.0 million revolving credit facility into a conventional reserve-based lending (RBL) facility. The amendment establishes an initial borrowing base of $50.0 million and increases the aggregate maximum credit amount to $100.0 million. Key changes include the elimination of the 75% excess cash flow sweep, quarterly clean-down requirements, and the $100.0 million minimum PDP PV-10 asset coverage covenant. The annual restricted payments basket was increased by 50%, from $10.0 million to $15.0 million. Pricing, financial covenants, and maturity remain unchanged. CIBC replaced an exiting lender with a $10.0 million commitment. W&T Offshore is an independent oil and natural gas producer operating offshore in the Gulf of America.