By Paul A. Harris
Portland, Ore., Feb. 10 - Energy XXI Gulf Coast, Inc. priced a $250 million issue of 8.25-year senior notes (Caa1/B/) at par to yield 7¾% on Thursday, according to market sources.
The yield printed at the tight end of the 7¾% to 8% price talk.
RBS Securities Inc. ran the books for the quick-to-market issue.
The Hamilton, Bermuda-based oil and natural gas exploration and production company plans to use the proceeds to repurchase or redeem its 10% senior notes due 2013 and to repay revolver debt.
| Issuer: | Energy XXI Gulf Coast, Inc.
|
| Amount: | $250 million
|
| Maturity: | June 15, 2019
|
| Securities: | Senior notes
|
| Bookrunner: | RBS Securities Inc.
|
| Coupon: | 7¾%
|
| Price: | Par
|
| Yield: | 7¾%
|
| Spread: | 442 bps
|
| Call protection: | Callable on June 15, 2015 at a premium
|
| Trade date: | Feb. 10
|
| Settlement date: | Feb. 25
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A
|
| Price talk: | 7¾% to 8%
|
| Marketing: | Quick to market
|
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