Energy XXI Announces $500M Senior Notes
Energy XXI Gulf Coast, Inc., the operating subsidiary of Energy XXI [Bermuda] Limited, announced the pricing of its private placement of $500 million of 7.50% senior unsecured notes due 2021.
The offering size was increased to $500 million from $300 million. The 2021 Notes were sold at 100% of par to yield 7.50% to maturity. The offering is expected to close on September 26, 2013, subject to customary closing conditions.
The Company intends to use all of the net proceeds from the offering to repay indebtedness outstanding under its revolving credit facility and for general corporate purposes.
