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Energy XXI to repay revolver borrowings with funds from new notes
By Marisa Wong
Madison, Wis., March 3 – Energy XXI Gulf Coast, Inc. plans to repay borrowings under its revolving credit facility using proceeds from an offering of senior secured second-lien notes due 2020, according to a press release.
The borrowings to be repaid include $325 million outstanding under the tranche of Energy XXI’s revolving credit facility allocated for its indirect wholly owned subsidiary EPL Oil & Gas, Inc.
Remaining proceeds from the notes offering will be used for general corporate purposes.
Energy XXI is a Houston-based independent oil and natural gas exploration and production company.
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