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Energy XXI Gulf Coast, Inc., the operating subsidiary of Energy XXI Ltd., has priced its private offering to qualified institutional buyers of $1.45 billion principal amount of 11.000% Senior Secured Second Lien Notes due 2020.
he offering size was increased to $1.45 billion from $1.25 billion. The offering is expected to close on March 12, 2015, subject to satisfaction of customary closing 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.