Energy XXI gets needed consents for EPL's 8¼% senior notes due 2018

By Susanna Moon

Chicago, April 21 - Energy XXI (Bermuda) Ltd. received the needed consents to amend the 8¼% senior notes due 2018 issued by EPL Oil & Gas, Inc., according to an 8-K filing with the Securities and Exchange Commission.

The company said it received consents for a majority of the outstanding notes by the end of the solicitation at 5 p.m. ET on April 17.

As previously announced, the consent solicitation is related to the companies' proposed merger, which would require EPL to offer to repurchase the notes at 101 plus accrued interest.

Energy XXI solicited consents to waive EPL's obligation to make a change-of-control offer for the notes related to its merger plans.

The consent payment will be $2.50 per $1,000 principal amount if the merger goes through.

The solicitation was conditioned on the company obtaining consents for at least a majority of the notes.

The solicitation began on April 7. Holders needed to be of record as of 5 p.m. ET on April 4.

Ipreo LLC (888 593-9546) is the information agent.

Energy XXI received commitments to increase its revolving credit facility to $1,675,000,000 from $1,087,500,000 and for a $400 million unsecured bridge loan to help fund its acquisition of EPL Oil, as previously reported on March 12.

Energy XXI and EPL are both Houston-based oil and natural gas exploration and production companies.

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