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W&T Offshore reports decline in revolving bank credit facility's borrowing base.

M2 EQUITYBITES-March 25, 2016-W&T Offshore reports decline in revolving bank credit facility's borrowing base

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Natural gas producer W&T Offshore (NYSE:WTI) revealed on Thursday that the borrowing base under its revolving bank credit facility has been reduced to USD150m with effect from 23 March 2016.

The company added that the revolving bank credit facility's borrowing base was reduced from the prior USD350m.

According to the company, it drew USD340m on its revolving bank credit facility in February 2016 and now has borrowings of USD191m in excess of the redetermined borrowing base. Excess borrowings are required to be repaid in three equal monthly installments.

Currently, the company has a cash balance of USD431m.

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Publication:M2 EquityBites (EQB)
Date:Mar 25, 2016
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