SEC Filings


10-Q
W&T OFFSHORE INC filed this Form 10-Q on 05/04/2017
Entire Document
 

W&T OFFSHORE, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

2.  Long-Term Debt

The components of our long-term debt are presented in the following table (in thousands):

 

March 31, 2017

 

 

December 31, 2016

 

 

 

 

 

 

Adjustments to

 

 

 

 

 

 

 

 

 

 

Adjustments to

 

 

 

 

 

 

 

 

 

 

Carrying

 

 

Carrying

 

 

 

 

 

 

Carrying

 

 

Carrying

 

 

Principal

 

 

Value (1)

 

 

Value

 

 

Principal

 

 

Value (1)

 

 

Value

 

11.00% 1.5 Lien Term Loan,

     due November 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

$

75,000

 

 

$

 

 

$

75,000

 

 

$

75,000

 

 

$

 

 

$

75,000

 

Future interest payments

 

 

 

 

21,766

 

 

 

21,766

 

 

 

 

 

 

23,823

 

 

 

23,823

 

Subtotal

 

75,000

 

 

 

21,766

 

 

 

96,766

 

 

 

75,000

 

 

 

23,823

 

 

 

98,823

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9.00 % Second Lien Term Loan,

    due May 2020:

 

300,000

 

 

 

 

 

 

300,000

 

 

 

300,000

 

 

 

 

 

 

300,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9.00%/10.75% Second Lien

    PIK Toggle Notes, due May 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

163,007

 

 

 

 

 

 

163,007

 

 

 

163,007

 

 

 

 

 

 

163,007

 

Future payments-in-kind

 

 

 

 

24,048

 

 

 

24,048

 

 

 

 

 

 

24,048

 

 

 

24,048

 

Future interest payments

 

 

 

 

36,850

 

 

 

36,850

 

 

 

 

 

 

36,850

 

 

 

36,850

 

Subtotal

 

163,007

 

 

 

60,898

 

 

 

223,905

 

 

 

163,007

 

 

 

60,898

 

 

 

223,905

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8.50%/10.00% Third Lien

  PIK Toggle Notes, due June 2021:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

145,897

 

 

 

 

 

 

145,897

 

 

 

145,897

 

 

 

 

 

 

145,897

 

Future payments-in-kind

 

 

 

 

26,844

 

 

 

26,844

 

 

 

 

 

 

26,844

 

 

 

26,844

 

Future interest payments

 

 

 

 

40,705

 

 

 

40,705

 

 

 

 

 

 

40,705

 

 

 

40,705

 

Subtotal

 

145,897

 

 

 

67,549

 

 

 

213,446

 

 

 

145,897

 

 

 

67,549

 

 

 

213,446

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8.50% Unsecured Senior Notes,

    due June 2019

 

189,829

 

 

 

 

 

 

189,829

 

 

 

189,829

 

 

 

 

 

 

189,829

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt premium, discount,

     issuance costs, net of amortization

 

 

 

 

(4,962

)

 

 

(4,962

)

 

 

 

 

 

(5,276

)

 

 

(5,276

)

Total long-term debt

 

873,733

 

 

 

145,251

 

 

 

1,018,984

 

 

 

873,733

 

 

 

146,994

 

 

 

1,020,727

 

Current maturities of long-term debt (2)

 

 

 

 

8,250

 

 

 

8,250

 

 

 

 

 

 

8,272

 

 

 

8,272

 

Long term debt, less current

   maturities

$

873,733

 

 

$

137,001

 

 

$

1,010,734

 

 

$

873,733

 

 

$

138,722

 

 

$

1,012,455

 

 

 

(1)

Future interest payments and future payments-in-kind (“PIK”) are recorded on an undiscounted basis.

 

(2)

Future interest payments for the next twelve months on the 1.5 Lien Term Loan.

 

 

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