Energy Gulf Coast to privately place 16% notes in conjunction with debt exchange

By Paul A. Harris

St. Louis, Sept. 4 - Energy XXI Gulf Coast, Inc. announced a private placement of 16% series B senior secured second-lien notes due June 15, 2014 as part of a $360 million debt exchange deal.

The company intends to place a minimum of $50 million and maximum of $89 million of the series B notes in addition to any of the identical notes that are issued in the exchange.

Of the 16% coupon, 14% will be paid in cash, with the remaining 2% to be paid in kind.

The Houston-based oil and gas exploration and production firm requires a waiver from its lenders in order to issue the series B notes, as well as the identical series A notes which are being offered to holders of Energy Gulf Coast's 10% senior notes due 2013.

The exchange offer expires on Oct. 2.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.