The US offshore specialist swapped $710 million of senior notes due in 2019 for 60.4 million shares of common stock, $160 million in second lien payment-in-kind toggle notes due in 2020 and $142 million in payment-in-kind third lien toggle notes due in 2021.
The move allowed WT Offshore to cut its debt by $408 million but increased its overall share count by 79%, severely diluting existing shareholders.
Nevertheless,
