Pricing of $250 Million Offering of Senior Notes (0598B)
11 Februar 2011 - 8:00AM
UK Regulatory
TIDMEXXS
RNS Number : 0598B
Energy XXI (Bermuda) Limited
11 February 2011
Energy XXI Gulf Coast, Inc. Announces Pricing of
$250 Million Offering of Senior Notes
HOUSTON - Feb. 10, 2011 - 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 $250 million of 7.75%
senior unsecured notes due 2019 (the "2019 Notes"). The 2019 Notes
were sold at 100% of par to yield 7.75% to maturity. The offering
is expected to close on Feb. 25, 2011, subject to customary closing
conditions.
The Company intends to use the net proceeds from the offering to
repurchase or redeem its 10% Senior Notes due 2013 and to repay
indebtedness outstanding under its revolving credit facility.
The 2019 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 2019 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 2019 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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