10:59 AM EST, 01/29/2025 (MT Newswires) -- W&T Offshore ( WTI ) reported Wednesday the initial results of its cash tender offer for its outstanding 11.750% senior second lien notes due 2026.

The company purchased $269.7 million of the notes, representing about 98.09% of the outstanding principal amount, at $1,036.25 per $1,000 principal amount, plus accrued and unpaid interest. The purchase was made on the early settlement date of Jan. 28.

W&T Offshore ( WTI ) also solicited and received the necessary consents to amend the indenture governing the notes. The amendments, which became effective Jan. 27, eliminate substantially all restrictive covenants, events of default and related provisions.

The remaining $5.26 million in notes can be tendered until Feb, 11, at $1,006.25 per $1,000 principal amount, with any notes still outstanding by Aug. 1, being redeemed at 100% of principal plus accrued interest, the company said.

Shares of W&T Offshore ( WTI ) were down 0.6% in recent trading.

Price: 1.62, Change: -0.01, Percent Change: -0.55