U.S. oil and natural gas company W&T Offshore has raised $600 million in a sale of senior notes. The securities, which carry a coupon rate of 8.5%, are due to mature on June 15, 2019.
The Texas-based company seeks to use the proceeds from the offering to fund the acquisition of its cash tender offer for 8.25% senior notes due 2014 and to redeem the 2014 notes remaining outstanding. Morgan Stanley served as the sole book-running manager for the sale, adds Reuters.
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