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8-K - Energy XXI Ltd | v205910_8k.htm |
EX-99.2 - EX-99.2 - Energy XXI Ltd | v205910_ex99-2.htm |
Energy
XXI Announces Early Settlement Results for Tender Offer for 16% Second Lien
Junior Secured Notes Due 2014
HOUSTON –
Dec. 17, 2010 – Energy XXI (Bermuda) Limited (NASDAQ: EXXI) today announced the
results of the early settlement for the tender offer by its wholly owned
subsidiary, Energy XXI Gulf Coast, Inc. (the “company”), to purchase for cash
any and all of the company’s outstanding 16% Second Lien Junior Secured Notes
due 2014 (the “16% notes”).
D.F. King & Co., Inc., the
Depositary and Information Agent for the tender offer, has advised Energy XXI
that, as of 5:00 p.m., New York City time, on Dec. 16, 2010 (the “Early
Participation Payment Deadline”), $219.8 million aggregate principal amount of
the 16% notes had been validly tendered and not withdrawn, representing
approximately 98 percent of the 16% notes outstanding. For each $1,000.00
principal amount of the 16% notes validly tendered and not withdrawn, holders
received total consideration of $1,140.76, which includes an early participation
payment of $30.00 per $1,000.00 principal amount of the 16% notes (the “Early
Participation Payment”).
The
tender offer remains open and is scheduled to expire at 12:00 midnight, New York
City time, on Dec. 30, 2010 (the “Expiration Date”). Holders whose 16% notes are
validly tendered after the Early Participation Payment Deadline but prior to the
Expiration Date will be eligible to receive the tender offer consideration,
determined as set forth in the Offer to Purchase, but will not be eligible to
receive the Early Participation Payment.
The
complete terms and conditions of the offer are set forth in an Offer to Purchase
and related Letter of Transmittal sent to holders of 16% notes. Copies of the
Offer to Purchase and Letter of Transmittal may be obtained from the Depositary
and Information Agent for the Offer, D.F. King & Co., Inc. at (888) 628-1041
(US toll free).
RBS
Securities Inc. and UBS Investment Bank are the Dealer Managers for the tender
offer. Questions regarding the offer may be directed to RBS Securities Inc. at
(877) 297-9832 (toll-free) and (203) 897-6145 (collect) or to UBS at (888)
719-4210 (toll-free) and (203) 719-4210 (collect).
The
company also announced it will redeem the balance of the 16% notes to the extent
they are not otherwise tendered by the Expiration Date. In addition,
the company will redeem $47.6 million of its outstanding 10% senior notes due
2013 (the “10% notes”). Following the completion of the
tender/redemption of the balance of the 16% notes and the redemption of $47.6
million of the 10% notes, the company will have $725 million aggregate principal
amount of 9.25% senior notes due 2017 and $228.9 million aggregate principal
amount of 10% notes outstanding.
This
press release is neither an offer to purchase nor a solicitation of an offer to
sell the notes or any other securities. The offer is made only by and pursuant
to the terms of the Offer to Purchase and the related Letter of Transmittal.
None of Energy XXI Gulf Coast, Inc., Energy XXI (Bermuda) Limited, the Dealer
Managers or the Depositary and Information Agent makes any recommendations as to
whether holders should tender their notes pursuant to the offer.
Forward-Looking
Statements
All
statements included in this release relating to future plans, projects, events
or conditions and all other statements other than statements of historical fact
included in this release are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These statements are based
upon current expectations and are subject to a number of risks, uncertainties
and assumptions, including changes in long-term oil and gas prices or other
market conditions affecting the oil and gas industry, reservoir performance, the
outcome of commercial negotiations and changes in technical or
operating conditions, among others, that could cause actual results, including
project plans and related expenditures and resource recoveries, to differ
materially from those described in the forward-looking statements. Energy XXI
and the company assume no obligation and expressly disclaim any duty to update
the information contained herein except as required by law.
About
Energy XXI
Energy
XXI is an independent oil and natural gas exploration and production company
whose growth strategy emphasizes acquisitions, enhanced by its value-added
organic drilling program. Properties are located in the U.S. Gulf of Mexico
waters and the Gulf Coast onshore. Seymour Pierce is Energy XXI’s
listing broker in the United Kingdom.
Enquiries
Energy
XXI
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Pelham
Bell Pottinger
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Stewart
Lawrence
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James
Henderson
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Vice
President, Investor Relations and
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jhenderson@pelhambellpottinger.co.uk
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Communications
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Mark
Antelme
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713-351-3006
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mantelme@pelhambellpottinger.co.uk
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slawrence@energyxxi.com
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+44
(0) 20 7861 3232
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Seymour
Pierce – UK AIM Adviser
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Jonathan
Wright/
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Jeremy
Porter – Corporate Finance
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Richard
Redmayne – Corporate Broking
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Tel:
+44 (0) 20 7107 8000
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