Attached files
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8-K - 8-K - Energy XXI Ltd | v210754_8k.htm |
EX-99.1 - EX-99.1 - Energy XXI Ltd | v210754_ex99-1.htm |
Energy
XXI Announces Subsidiary’s Cash Tender Offer
For
Its 10% Senior Notes Due 2013
HOUSTON –
Feb. 10, 2011 – Energy XXI (Bermuda) Limited (“Energy XXI”) (NASDAQ: EXXI)
(LSE: EXXI) today announced an offer by its wholly owned subsidiary, Energy XXI
Gulf Coast, Inc., to purchase for cash any and all of such subsidiary’s 10%
Senior Notes due 2013. Energy XXI and each of Energy XXI Gulf Coast Inc.’s
subsidiaries has unconditionally guaranteed the obligations of Energy XXI Gulf
Coast, Inc. under the notes.
The total
consideration for the notes tendered and accepted for purchase pursuant to the
tender offer will be up to $1,050.00 for each $1,000.00 principal amount of
notes tendered by such holder if such notes are accepted for purchase pursuant
to the offer.
Each
holder who validly tenders (and does not validly withdraw) its notes on or prior
to 5:00 p.m., EST, on Feb. 24, 2011 (the "Early Participation Payment Deadline")
will be entitled to an early participation payment (the "Early Participation
Payment"), which is included in the total consideration set forth above, of
$30.00 for each $1,000.00 principal amount of notes tendered by such holder if
such notes are accepted for purchase pursuant to the offer. Holders who tender
notes after this date but prior to the expiration of the offer will receive only
the tender consideration, which is equal to the total consideration less the
Early Participation Payment. Energy XXI Gulf Coast, Inc. may accept
and pay for any notes at any time after the Early Participation Payment
Deadline. All holders whose notes are tendered and accepted for
purchase will also receive accrued and unpaid cash interest up to, but not
including, the applicable payment date.
The offer
is scheduled to expire at 12:00 midnight EST on Mar. 10, 2011, unless extended
or earlier terminated. The offer is subject to the satisfaction or waiver of
certain conditions, including consummation of a private placement of debt
securities. The offer is not subject to the receipt of any minimum amount of
tenders.
The
complete terms and conditions of the offer are set forth in an Offer to Purchase
and related Letter of Transmittal that are being sent to holders of 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
(800) 769-4414 (US toll free).
RBS
Securities Inc. is the Dealer Manager 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).
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
Manager or the Tender Agent 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 assumes no
obligation and expressly disclaims 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. The Company's properties are located in the U.S. Gulf
of Mexico waters and the Gulf Coast on-shore. Seymour Pierce is Energy XXI's
listing broker in the United Kingdom.
Enquiries
of the Company
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 |
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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