The Company intends to use the net proceeds of the offering, along with cash on hand, to fund the redemption of all of the Company’s 9.75% Senior Second Lien Notes due 2023 (the “Existing Second Lien Notes”). On the closing date of the offering of the Notes, the Company satisfied and discharged the indenture governing the Existing Second Lien Notes.
The Notes and the related guarantees have not been and will not be registered under the Securities Act or any other securities laws, and the Notes and the related guarantees may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. The Notes and the related guarantees are being offered only to persons reasonably believed to be qualified institutional buyers in
This press release is being issued for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a sale of the Notes, the related guarantees, or any other securities, nor does it constitute an offer to sell, a solicitation of an offer to buy or a sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
ABOUT
FORWARD-LOOKING AND CAUTIONARY STATEMENTS
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, including statements regarding potential opportunities for the Company and the intended use of the proceeds of the offering, including to fund the redemption of the Existing Second Lien Notes, reflect our current views with respect to future events and are based on what we believe are reasonable estimates and assumptions. No assurance can be given, however, that these events will occur or that our estimates will be correct. These statements are subject to risks and uncertainties that could cause actual results to differ materially including, among other things, market conditions, oil and gas price volatility, uncertainties inherent in oil and gas production operations and estimating reserves, uncertainties of the timing and impact of bringing new wells online and repairing and restoring infrastructure hurricane damage, the ability to achieve leverage targets, unexpected future capital expenditures, competition, the success of our risk management activities, governmental regulations, uncertainties and other factors discussed in our Annual Report on Form 10-K for the year ended
CONTACT:
Investor Relations Coordinator
investorrelations@wtoffshore.com
713-297-8024
Executive Vice President and Chief Financial Officer
jyang@wtoffshore.com
713-626-8525
Source:
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