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Key Energy XXI Subsidiary Upsizes Senior Notes Issue

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It looks like Energy XXI (NASDAQOTH: EXXIQ  ) operating subsidiary Energy XXI Gulf Coast will be taking in significantly more money than anticipated from an offering of senior notes. The company has expanded the issue to $500 million, from the previously announced $300 million. This will be raised through the flotation of the notes in a private placement. The 7.50% notes are unsecured and mature in 2021.

Energy XXI said its share of the proceeds of the issue will be utilized to repay outstanding debt drawn from a revolving credit facility as well as for "general corporate purposes."

It expects the offering to close on Thursday.

At the end of its most recent quarter ended June 30, Energy XXI had nearly $1.4 billion in total debt and roughly $38 million in cash.

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Eric Volkman

Eric has been writing about stocks and finance since the mid-1990s, when he lived in Prague, Czech Republic. Over the course of a varied career, he has also been a radio newscaster, an investment banker, and a bass player in a selection of rock and roll bands. A native New Yorker, he currently lives in Los Angeles.

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Related Tickers

5/24/2016 2:59 PM
EXXIQ $0.08 Down -0.01 -9.41%
Energy XXI Ltd. CAPS Rating: **