TD Bank Amends W&T Offshore Revolver
W&T Offshore announced it has amended its existing revolving bank credit facility and modified certain covenants to enhance the company’s financial flexibility.
According to a related 8-K filing, Toronto Dominion Bank was the administrative agent for the lender group. The secured revolving bank credit facility that matures on November 8, 2018.
As a result of the April 2015 semi-annual redetermination, the borrowing base under the bank credit facility was set at $600 million. At March 31, 2015, the company had $514 million drawn under the bank credit facility.
Houston-based W&T Offshore is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico and onshore in the Permian Basin of West Texas.