Energy XXI marketing $700 million six-year notes in private placement

By Paul A. Harris

St. Louis, May 14 - Energy XXI Gulf Coast, Inc. began a roadshow on Monday for its $700 million offering of six-year senior notes, which it is marketing as a private placement, according to an informed source.

The roadshow is scheduled to wrap up on May 23.

Jefferies & Co., BNP Paribas and RBS Greenwich Capital are joint lead placement agents for the notes, which are being marketed via Regulation D and Regulation S.

The notes will come with three years of call protection.

Credit ratings remain to be determined.

Proceeds, in addition to a draw upon the company's first-lien revolving credit facility, will be used to fund the previously announced acquisition of certain oil and natural gas properties in the Gulf of Mexico from Pogo Producing Co. and to repay its second-lien revolver in full.

The prospective issuer is a subsidiary of Houston-based Energy XXI (Bermuda) Ltd.

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