EXXS Energy Xxi Regs

 

TIDMEXXS 
 
RNS Number : 3922X 
Energy XXI (Bermuda) Limited 
06 December 2010 
 

 
                          Energy XXI Gulf Coast, Inc. 
           Announces Pricing of $750 Million Offering of Senior Notes 
 
HOUSTON - Dec. 3, 2010 - Energy XXI Gulf Coast, Inc. (the "Company"), the 
operating subsidiary of Energy XXI (Bermuda) Limited ("Energy XXI") (NASDAQ: 
EXXI) (AIM: EXXI), today announced the pricing of its private placement of $750 
million of 9.25% senior unsecured notes due 2017 (the "2017 Notes").  The 
Company had initially targeted an offering of $700 million of the 2017 Notes, 
but upsized the offering based on investor demand.  The 2017 Notes were sold at 
100% of par to yield 9.25% to maturity. The offering is expected to close Dec. 
17, 2010, subject to customary closing conditions. 
 
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 
Energy XXI's recent equity offerings, (i) to finance the previously disclosed 
purchase of certain shallow-water Gulf of Mexico shelf oil and natural gas 
interests from ExxonMobil, (ii) to repurchase or redeem its 16% Second Lien 
Junior Secured Notes due 2014 and (iii) to redeem $47.6 million of its 10% 
Senior Notes due 2013. 
 
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. 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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