Announces $700 Million Offering of Senior Notes (0321X)
30 November 2010 - 12:00PM
UK Regulatory
TIDMEXXS
RNS Number : 0321X
Energy XXI (Bermuda) Limited
30 November 2010
Energy XXI Gulf Coast, Inc. Announces $700 Million Offering of
Senior Notes
HOUSTON - Nov. 30, 2010 - Energy XXI Gulf Coast, Inc. (the
"Company"), the operating subsidiary of Energy XXI (Bermuda)
Limited (NASDAQ: EXXI) (AIM: EXXI), today announced that it
intends, subject to market and other conditions, to offer up to
$700 million aggregate principal amount of its senior notes due
2017 (the "2017 Notes") in a private placement to eligible
purchasers.
The Company intends to use the net proceeds from the offering,
together with borrowings under its revolving credit facility and
cash on hand provided by its recent equity offerings, to finance
the previously disclosed purchase of certain shallow-water Gulf of
Mexico shelf oil and natural gas interests from ExxonMobil and to
repurchase or redeem its 16% Second Lien Junior Secured Notes due
2014.
The 2017 Notes have not been registered under the Securities Act
of 1933 as amended (the "Securities Act"), or any state securities
laws; and unless so registered, may not be offered or sold in the
United States except pursuant to an exemption from, or in a
transaction not subject to the registration requirements of 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 2017 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 2017 Notes or
any other securities in any jurisdiction in which such offer,
solicitation or sale is unlawful.
Forward-Looking Statements
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 2017 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 or 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.
About Energy XXI
Energy XXI is an independent oil and natural gas exploration and
production company whose growth strategy emphasizes acquisitions,
enhanced by its value-added organic drilling program. Energy XXI's
properties are located in the U.S. Gulf of Mexico waters and the
Gulf Coast onshore. Seymour Pierce is Energy XXI's listing broker
in the United Kingdom. The Company is an indirect wholly-owned
subsidiary of Energy XXI.
Enquiries of the Company
Energy XXI
Stewart Lawrence
Vice President, Investor Relations and Communications
713-351-3006
slawrence@energyxxi.com
Seymour Pierce - UK AIM Adviser
Jonathan Wright/
Jeremy Porter - Corporate Finance
Richard Redmayne - Corporate Broking
Tel: +44 (0) 20 7107 8000
Pelham Bell Pottinger
James Henderson
jhenderson@pelhambellpottinger.co.uk
Mark Antelme
mantelme@pelhambellpottinger.co.uk
+44 (0) 20 7861 3232
This information is provided by RNS
The company news service from the London Stock Exchange
END
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