Published on 9/23/2013 in the Prospect News High Yield Daily.
New Issue: Energy XXI Gulf Coast prices upsized $500 million 7½% eight-year notes
By Paul A. Harris
Portland, Ore., Sept. 23 - Energy XXI Gulf Coast, Inc. priced an upsized $500 million issue of eight-year senior notes (B3/B+) at par to yield 7½% on Monday, according to a syndicate source.
The issue was upsized from $300 million.
The yield printed on top of yield talk.
Citigroup Global Markets Inc. and RBS Securities Inc. are the joint physical bookrunners. Wells Fargo Securities LLC, Barclays, Credit Suisse Securities (USA) LLC and UBS Securities LLC were the joint bookrunners.
The Hamilton, Bermuda-based oil and natural gas exploration and production company plans to use the proceeds, including the additional proceeds resulting from the upsizing, to refinance its revolver.
| Issuer: | Energy XXI Gulf Coast, Inc.
|
| Amount: | $500 million, increased from $300 million
|
| Maturity: | Dec. 15, 2021
|
| Securities: | Senior notes
|
| Joint physical bookrunners: | Citigroup Global Markets Inc., RBS Securities Inc.
|
| Joint bookrunners: | Wells Fargo Securities LLC, Barclays, Credit Suisse Securities (USA) LLC, UBS Securities LLC
|
| Senior co-managers: | Capital One Securities Inc., Regions Securities LLC, Scotia Capital (USA) Inc.
|
| Co-managers: | ING Financial Markets LLC, Natixis Securities, Americas LLC, TD Securities (USA) LLC, Comerica Securities, Inc., Cowen and Co. LLC, Deutsche Bank Securities Inc., Iberia Capital Partners LLC, Johnson Rice & Co. LLC, KeyBanc Capital Markets Inc.
|
| Coupon: | 7½%
|
| Price: | Par
|
| Yield: | 7½%
|
| Spread: | 510 bps
|
| First call: | Dec. 15, 2016 at 105.625
|
| Equity clawback: | 35% at 107.50 until Dec. 15, 2016
|
| Investor put: | 101% upon change of control
|
| Trade date: | Sept. 23
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| Settlement date: | Sept. 26
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Reg. S with registration rights
|
| Price talk: | 7½% area
|
| Marketing: | Quick to market
|
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