Subsidiary's Cash Tender Offer (0128B)
February 10 2011 - 7:00AM
UK Regulatory
TIDMEXXS
RNS Number : 0128B
Energy XXI (Bermuda) Limited
10 February 2011
Energy XXI Announces Subsidiary's Cash Tender Offer
For Its 10% Senior Notes Due 2013
HOUSTON - Feb. 10, 2011 - Energy XXI (Bermuda) Limited ("Energy
XXI") (NASDAQ: EXXI) (LSE: EXXI) today announced an offer by its
wholly owned subsidiary, Energy XXI Gulf Coast, Inc., to purchase
for cash any and all of such subsidiary's 10% Senior Notes due
2013. Energy XXI and each of Energy XXI Gulf Coast Inc.'s
subsidiaries has unconditionally guaranteed the obligations of
Energy XXI Gulf Coast, Inc. under the notes.
The total consideration for the notes tendered and accepted for
purchase pursuant to the tender offer will be up to $1,050.00 for
each $1,000.00 principal amount of notes tendered by such holder if
such notes are accepted for purchase pursuant to the offer.
Each holder who validly tenders (and does not validly withdraw)
its notes on or prior to 5:00 p.m., EST, on Feb. 24, 2011 (the
"Early Participation Payment Deadline") will be entitled to an
early participation payment (the "Early Participation Payment"),
which is included in the total consideration set forth above, of
$30.00 for each $1,000.00 principal amount of notes tendered by
such holder if such notes are accepted for purchase pursuant to the
offer. Holders who tender notes after this date but prior to the
expiration of the offer will receive only the tender consideration,
which is equal to the total consideration less the Early
Participation Payment. Energy XXI Gulf Coast, Inc. may accept and
pay for any notes at any time after the Early Participation Payment
Deadline. All holders whose notes are tendered and accepted for
purchase will also receive accrued and unpaid cash interest up to,
but not including, the applicable payment date.
The offer is scheduled to expire at 12:00 midnight EST on Mar.
10, 2011, unless extended or earlier terminated. The offer is
subject to the satisfaction or waiver of certain conditions,
including consummation of a private placement of debt securities.
The offer is not subject to the receipt of any minimum amount of
tenders.
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 (800)
769-4414 (US toll free).
RBS Securities Inc. is the Dealer Manager 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).
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 Manager
or the Tender Agent 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 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. The Company's
properties are located in the U.S. Gulf of Mexico waters and the
Gulf Coast on-shore. 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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