Energy XXI Gulf Coast, Inc. Prices Upsized Private Offering of $1.45 Billion of 11.000% Senior Secured Second Lien Notes Due ...
06 March 2015 - 9:20AM
Energy XXI Gulf Coast, Inc. (the "Company"), the operating
subsidiary of Energy XXI Ltd ("Energy XXI") (Nasdaq:EXXI), today
announced that it has priced its private offering to qualified
institutional buyers of $1.45 billion principal amount of 11.000%
Senior Secured Second Lien Notes due 2020 (the "Notes"). The
offering size was increased to $1.45 billion from $1.25 billion.
The offering is expected to close on March 12, 2015, subject to
satisfaction of customary closing conditions.
The Company intends to use a portion of the net proceeds from
this offering to repay borrowings under its revolving credit
facility, including $325 million of the amount outstanding under
the tranche of its revolving credit facility allocated for its
indirect, wholly-owned subsidiary, EPL Oil & Gas, Inc., and the
remainder for general corporate purposes including funding a
portion of its capital expenditure program for fiscal year
2015.
The Notes have not been, and will not be, registered under the
Securities Act of 1933, as amended (the "Securities Act"), or the
securities laws of any other jurisdiction. The Company may not
offer or sell the Notes unless the offer or sale would qualify for
a registration exemption under the Securities Act and applicable
state securities laws.
This press release is being issued pursuant to Rule 135C under
the Securities Act, and is neither an offer to sell nor a
solicitation of an offer to buy the Notes or any other securities
and shall not constitute an offer to sell or a solicitation of an
offer to buy, or a sale of, the Notes or any other securities in
any jurisdiction in which such offer, solicitation or sale is
unlawful.
Forward-Looking Information
All statements included in this release relating to future
plans, projects, events or conditions and all other statements
other than statements of historical fact included in this release
are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements in this press release relate to, among other things, the
offering of the Notes and the expected use of proceeds from such
offering. These statements are based upon current expectations and
are subject to a number of risks, uncertainties and assumptions,
including changes in long-term oil and gas prices and other market
conditions affecting the oil and gas industry, reservoir
performance, the outcome of commercial negotiations and changes in
technical or operating conditions, among others, that could cause
actual results, including project plans and related expenditures
and resource recoveries, to differ materially from those described
in the forward-looking statements. Neither Energy XXI nor the
Company assumes any obligation and expressly disclaims any duty to
update the information contained herein except as required by
law.
CONTACT: INQUIRES OF THE COMPANY
Greg Smith
Vice President, Investor Relations
713-351-3149
gsmith@energyxxi.com