W&T Offshore (WTI) just unveiled an update.
Aquasition LLC and Aquasition II LLC, subsidiaries of W&T Offshore, Inc., have amended their credit agreement with Munich Re Reserve Risk Financing, Inc. This amendment allows for a deferral of $30.1 million in principal payments for 2024, with repayments resuming in 2025 and options for catching up via excess cash flow. Quarterly cash interest remains due on the reduced principal, and a call schedule for optional redemption has been set at declining premiums from 2024 to 2028. An amendment fee of $200,000 is also established, payable in quarterly installments. This strategic financial move was announced in a press release by the Company.
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