Energy XXI Gulf Coast begins tender offer for 10% notes due 2013

By Angela McDaniels

Tacoma, Wash., Feb. 10 - Energy XXI Gulf Coast, Inc. began a tender offer for its 10% senior notes due 2013, according to a news release from parent company Energy XXI (Bermuda) Ltd.

Holders will receive $1,050 for each $1,000 principal amount of notes. This includes an early participation payment of $30 for each note tendered by 5 p.m. ET on Feb. 24, the early participation payment deadline.

The company will also pay accrued interest up to but excluding the payment date.

Energy XXI Gulf Coast may accept and pay for any notes at any time after the early participation payment deadline.

The offer will expire at midnight ET on March 10.

The offer is subject to the consummation of an issue of debt securities. It is not subject to the receipt of any minimum amount of tenders.

The dealer manager is RBS Securities Inc. (877 297-9832 and 203 897-6145). The depositary and information agent is D.F. King & Co., Inc. (800 769-4414).

Energy XXI (Bermuda) is a Hamilton, Bermuda-based oil and natural gas exploration and production company. Energy XXI Gulf Coast is based in Houston.

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