Energy XXI Gulf Coast, Inc. Announces $300 Million Offering of Senior Notes

Energy XXI Gulf Coast, Inc. Announces $300 Million Offering of Senior Notes

Energy XXI Gulf Coast, Inc. (the “Company”), the operating subsidiary of Energy XXI (Bermuda) Limited (“Energy XXI”) (Nasdaq:EXXI) (AIM:EXXI), today announced that it intends, subject to market and other conditions, to offer up to $300 million aggregate principal amount of its senior unsecured notes due 2024 (the “2024 Notes”) in a private placement to eligible purchasers (the “Offering”).
The Company intends to use a portion of the net proceeds to repay all indebtedness outstanding under its revolving credit facility and the remainder to fund a portion of the cash consideration for Energy XXI’s pending acquisition of EPL Oil & Gas, Inc. (the “EPL Acquisition”). If the EPL Acquisition is not consummated, the Company intends to use all of the remaining net proceeds for general corporate purposes. The consummation of the Offering is not conditioned on the closing of the EPL Acquisition.
The 2024 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.

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