Energy XXI Gulf Coast Inc. priced its private placement of $650 million, in aggregate principal amount, of 6.875% senior unsecured notes due 2024, the company said May 12.
The offer was upsized from $300 million, the company added.
The notes were sold at 100% of par, and the offer is scheduled to close May 27, Energy XXI Gulf Coast said.
A portion of the net proceeds will repay outstanding revolving credit facility debts, the company said. The remainder will fund part of the company’s pending acquisition of Houston-based EPL Oil & Gas Inc. (NYSE: EPL), the company added. Any remaining proceeds will support general corporate purposes, the company noted.
Energy XXI Gulf Coast Inc. is the operating subsidiary of Energy XXI Ltd. (NASDAQ: EXXI), based in Hamilton, Bermuda. Energy XXI Ltd. operates Gulf of Mexico oil fields and has assets in south Louisiana.
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