Energy XXI Completes Debt Financing

Energy XXI (Bermuda) Limited (AIM: EGY) says that as part of the financing of the Castex acquisition of various interests located onshore and offshore the U.S. Louisiana Gulf Coast, the Second Lien Facility agented by BNP Paribas was extended from $75,000,000 to $300,000,000 with further a further extension to $325,000,000 available depending upon demand during syndication. Also as part of the acquisition, an additional $7,000,000 was drawn on the First Lien Facility, increasing Senior Debt to $129,500,000.

The syndication of the Second Lien Facility has been substantially oversubscribed. Based upon this demand, the Second Lien Facility has been increased to $325,000,000. The net amount of this extension, after fees, will be used to reduce outstanding indebtedness under the Senior Debt Revolver. Energy XXI now has a total First and Second Lien debt of $439,875,000 comprised of $114,875,000 on the First Lien Facility and $325,000,000 on the Second Lien Facility. Additionally, Energy XXI has a further $122,625,000 available for borrowing under the First Lien Facility.