Energy XXI solicits consents to amend EPL's 8¼% senior notes due 2018

By Susanna Moon

Chicago, April 7 - Energy XXI (Bermuda) Ltd. began a consent solicitation to amend the 8¼% senior notes due 2018 issued by EPL Oil & Gas, Inc.

Energy XXI is soliciting consents to waive EPL's obligation to make a change-of-control offer for the notes related to its merger plans, according to a company press release.

The consent payment will be $2.50 per $1,000 principal amount.

The solicitation will end at 5 p.m. ET on April 17 and is related to the companies' proposed merger, which would require EPL to offer to repurchase the notes at 101 plus accrued interest.

Holders must be of record as of 5 p.m. ET on April 4.

The solicitation is conditioned on the company obtaining consents for at least a majority of the notes.

Ipreo LLC (888 593-9546) is the information agent.

Energy XXI received commitments to increase its revolving credit facility to $1,675,000,000 from $1,087,500,000 and for a $400 million unsecured bridge loan to help fund its acquisition of EPL Oil, as previously reported on March 12.

Energy XXI and EPL are both Houston-based oil and natural gas exploration and production companies.

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