W&T Offshore Reports Pricing of Private Offering, Par for $600M Senior Notes

W&T Offshore, Inc. WTI announced today that it has priced at par its private offering of $600 million aggregate principal amount of 8.5% senior notes due 2019.  The offering is expected to close on June 10, 2011, subject to customary closing conditions. W&T Offshore intends to use the net proceeds from the Senior Notes offering to fund the purchase price of its cash tender offer (the "Tender Offer") for any and all 8.25% senior notes due 2014 (the "2014 Notes"). To the extent less than all of the outstanding 2014 Notes are tendered or the Tender Offer is not consummated, W&T Offshore will use the net proceeds from the Senior Notes offering to redeem or repurchase any or all of the 2014 Notes remaining outstanding.  The remaining net proceeds will be used to repay outstanding indebtedness incurred under its revolving bank credit facility that was used to fund a portion of its recent acquisition in the West Texas Permian Basin.