Energy XXI Closes $750M Financing, Gulf Shelf Purchase

Energy XXI (Bermuda) Limited on Monday said that its subsidiary, Energy XXI Gulf Coast, Inc., has closed its offering of $750 million of senior notes due 2013 and has amended and restated its first lien revolving credit facility to increase its borrowing capacity.

Proceeds of the notes offering and the expanded revolver were utilized to retire the company's $325 million second lien facility and to close the previously announced purchase of Gulf of Mexico shelf oil and natural gas properties from Pogo Producing Company (NYSE: PPP) for $414.7 million, net of approximately $4.8 million in preference rights that were exercised. After giving effect to these transactions, $143 million of the expanded $425 million revolver remains available for future borrowings. The Pogo property purchase remains subject to post-closing adjustments to reflect operating results through June 8, 2007.

Jefferies & Company, The Royal Bank of Scotland and BNP Paribas jointly arranged the required financing, comprised of a $750 million private placement of six-year notes, priced at par with a 10% coupon, non-callable for three years. The company has provided for registration rights for the notes.

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