Key Energy XXI Subsidiary Upsizes Senior Notes Issue

It looks like Energy XXI (NASDAQ: EXXI  ) 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.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2650286, ~/Articles/ArticleHandler.aspx, 4/16/2014 7:02:30 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement