The notes bear interest at a fixed rate of 8.25%, payable semi-annually in arrears on June 15 and December 15, commencing on December 15, 2007. The notes are unsecured senior obligations and rank equal in right of payment with all of the Company's existing and any future unsecured senior debt. The notes are also senior in right of payment to any future subordinated debt.
The Company intends to use substantially all of the net proceeds from the private placement of the notes to repay a portion of the outstanding borrowings under its credit agreement.
Founded in 1983, W&T Offshore is an independent oil and natural gas company focused primarily in the Gulf of Mexico, including exploration in the deepwater and deep shelf regions, where it has developed significant technical expertise. W&T has grown through acquisition, exploitation and exploration and now holds working interests in over 200 fields in federal and state waters and a majority of its daily production is derived from wells it operates.
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