Energy XXI to price $300 million 10-year notes in Monday drive-by

By Paul A. Harris

Portland, Ore., May 12 - Energy XXI Gulf Coast, Inc. plans to price a $300 million offering of senior notes due March 15, 2024 this afternoon, trailing a mid-morning conference call with investors, according to a syndicate source.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., RBS Securities Inc., UBS Investment Bank and Wells Fargo Securities LLC are the joint bookrunners for the Rule 144A and Regulation S with registration rights offering.

The notes become callable after five years at par plus 50% of the coupon and feature a three-year 35% equity clawback and a 101% poison put.

The Hamilton, Bermuda-based oil and natural gas exploration and production company plans to use the proceeds to fund the acquisition of EPL Oil & Gas, Inc. and to repay debt.

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