W&T Offshore converts $50 million credit line to reserve-based facility with $100 million cap
W&T Offshore signed a second amendment to its credit agreement on October 1, 2026, converting its revolving credit facility into a reserve-based facility with an initial $50.0 million borrowing base and elected commitments. The company says the amendment removes the cash sweep, quarterly clean-down and asset coverage covenant, and raises the annual restricted payments cap from $10.0 million to $15.0 million, with pricing and financial covenants unchanged.
Key points
- Facility matures on the earlier of July 28, 2028 and six months before the Senior Second Lien Notes mature; aggregate maximum credit amount is $100.0 million
- Initial borrowing base and elected commitment are $50.0 million; borrowing base redetermined semi-annually starting November 1, 2026
- Annual restricted payments cap raised from $10.0 million to $15.0 million; net leverage covenant remains at most 2.50 to 1.00
- Macquarie Bank exited the facility; Canadian Imperial Bank of Commerce joined with a $10.0 million commitment
The filing
Written by AI on Nov 9, 2026, 8:36 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 07, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.