Energy XXI amends loan, increasing borrowing base

By Sara Rosenberg

New York, Nov. 26 - Energy XXI Gulf Coast Inc. amended its credit facility, increasing the borrowing base to $450 million from $425 million, with a further increase to $460 million upon certain circumstances, according to an 8-K filed with the Securities and Exchange Commission Monday.

In addition, the amendment modified the commodity hedge limitations and minimum liquidity during certain periods.

Furthermore, the amendment provided that the spread will increase by 15 basis points to the extent that commodity hedges exceed 90% of forecast proved developed production.

The amendment was completed on Nov. 19.

Energy XXI is a Hamilton, Bermuda-based oil and natural gas exploration and production company.

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