Finance & Investing | Fundraising | Capital Markets
Energy XXI Gulf Coast Commences Private Offering
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Energy XXI Gulf Coast, Inc., the operating subsidiary of Energy XXI Ltd, has commenced a private offering to qualified institutional buyers of $1.25 billion principal amount of Senior Secured Second Lien Notes due 2020, subject to market and other conditions.
The Company intends to use a portion of the net proceeds from this offering to repay borrowings under its revolving credit facility, including $325 million of the amount outstanding under the tranche of its revolving credit facility allocated for its indirect, wholly-owned subsidiary, EPL Oil & Gas, Inc., and the remainder for general corporate purposes including funding a portion of its capital expenditure program for fiscal year 2015.