PRICING OF TENDER OFFER (0583Y)
16 Dezember 2010 - 8:00AM
UK Regulatory
TIDMEXXS
RNS Number : 0583Y
Energy XXI (Bermuda) Limited
16 December 2010
Energy XXI Announces Pricing of Tender Offer for its
16% Second Lien Junior Secured Notes Due 2014
HOUSTON - Dec. 15, 2010 - Energy XXI (Bermuda) Limited (NASDAQ:
EXXI) today announced the pricing terms of the tender offer by its
wholly owned subsidiary, Energy XXI Gulf Coast, Inc., to purchase
for cash any and all of its outstanding 16% Second Lien Junior
Secured Notes due 2014.
The total consideration for the notes tendered and accepted for
purchase was determined as of 2:00 p.m., New York City time, on
Dec. 15, 2010 by reference to a fixed spread of 50 basis points
over the 1.125% U.S. Treasury Security due June 30, 2011, pursuant
to the terms and subject to the conditions set forth in Energy XXI
Gulf Coast, Inc.'s Offer to Purchase, dated Nov. 29, 2010.
Assuming an early payment date of Dec. 17, 2010, the total
consideration for each $1,000.00 principal amount of notes validly
tendered and not withdrawn at or prior to 5:00 p.m., New York City
time, on Dec. 16, 2010 (the "Early Participation Payment
Deadline"), is $1,140.76, which includes an early participation
payment of $30.00 per $1,000.00 principal amount of notes (the
"Early Participation Payment"). The tender offer remains open and
is scheduled to expire at 12:00 a.m., New York City time, on Dec.
30, 2010 (the "Expiration Date"). Holders whose notes are validly
tendered after the Early Participation Payment Deadline but prior
to the Expiration Date will be eligible to receive the tender offer
consideration, determined as set forth in the Offer to Purchase,
but will not be eligible to receive the Early Participation
Payment. Closing of the tender offer is subject to the satisfaction
or waiver of certain conditions, including consummation of the
previously announced acquisition of assets from ExxonMobil and a
private placement of debt securities, as set forth in the Offer to
Purchase.
The complete terms and conditions of the offer are set forth in
an Offer to Purchase and related Letter of Transmittal that are
being sent to holders of notes. Copies of the Offer to Purchase and
Letter of Transmittal may be obtained from the Depositary and
Information Agent for the Offer, D.F. King & Co., Inc. at (888)
628-1041 (US toll free).
RBS Securities Inc. and UBS Investment Bank are the Dealer
Managers for the tender offer. Questions regarding the offer may be
directed to RBS Securities Inc. at (877) 297-9832 (toll-free) and
(203) 897-6145 (collect) or to UBS at (888) 719-4210 (toll-free)
and (203) 719-4210 (collect).
This press release is neither an offer to purchase nor a
solicitation of an offer to sell the notes or any other securities.
The offer is made only by and pursuant to the terms of the Offer to
Purchase and the related Letter of Transmittal. None of Energy XXI
Gulf Coast, Inc., Energy XXI (Bermuda) Limited, the Dealer Managers
or the Depositary and Information Agent makes any recommendations
as to whether holders should tender their notes pursuant to the
offer.
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. Energy XXI assumes no obligation and
expressly disclaims any duty to update the information contained
herein except as required by law.
About the Company
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. The company'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.
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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