Energy XXI (Bermuda) Limited $300 Million Offering of Senior Notes (8568G)
May 12 2014 - 7:55AM
UK Regulatory
TIDMEXXI
RNS Number : 8568G
Energy XXI (Bermuda) Limited
12 May 2014
Energy XXI Gulf Coast, Inc. Announces $300 Million Offering of
Senior Notes
HOUSTON, May 12, 2014 (GLOBE NEWSWIRE) -- 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.
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 2024 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 2024 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. Forward-looking
statements in this press release relate to, among other things, the
offering of the 2024 Notes and the expected use of proceeds from
such offering. 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 and
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.
Enquiries of the Company
Energy XXI
Stewart Lawrence
Vice President, Investor Relations and Communications
713-351-3006
slawrence@energyxxi.com
Greg Smith
Director, Investor Relations
713-351-3149
gsmith@energyxxi.com
Cantor Fitzgerald Europe
Nominated Adviser: David Porter, Rick Thompson
Corporate Broking: Richard Redmayne
Tel: +44 (0) 20 7894 000
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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