9-23-13 4:11 PM EDT | Email Article

HOUSTON, Sept. 23, 2013 (GLOBE NEWSWIRE) -- Energy XXI Gulf Coast, Inc. (the "Company"), the operating subsidiary of Energy XXI (Bermuda) Limited ("Energy XXI") (Nasdaq:EXXI) (LSE:EXXI), today announced the pricing of its private placement of $500 million of 7.50% senior unsecured notes due 2021 (the "2021 Notes"). The offering size was increased to $500 million from $300 million. The 2021 Notes were sold at 100% of par to yield 7.50% to maturity. The offering is expected to close on September 26, 2013, subject to customary closing conditions.

The Company intends to use all of the net proceeds from the offering to repay indebtedness outstanding under its revolving credit facility and for general corporate purposes.

The 2021 Notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws; and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

This press release is being issued pursuant to Rule 135C under the Securities Act, and is neither an offer to sell nor a solicitation of an offer to buy the 2021 Notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the 2021 Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful.

Forward-Looking Statements

All statements included in this release relating to future plans, projects, events or conditions and all other statements other than statements of historical fact included in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release relate to, among other things, the offering of the 2021 Notes and the expected use of proceeds from such offering. These statements are based upon current expectations and are subject to a number of risks, uncertainties and assumptions, including changes in long-term oil and gas prices and other market conditions affecting the oil and gas industry, reservoir performance, the outcome of commercial negotiations and changes in technical or operating conditions, among others, that could cause actual results, including project plans and related expenditures and resource recoveries, to differ materially from those described in the forward-looking statements. Neither Energy XXI nor the Company assumes any obligation and expressly disclaims any duty to update the information contained herein except as required by law.

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CONTACT: ENQUIRIES OF THE COMPANY
         
         Energy XXI
         Stewart Lawrence
         Vice President, Investor Relations and Communications
         713-351-3006
         slawrence@energyxxi.com
         
         Greg Smith
         Director, Investor Relations
         713-351-3149
         gsmith@energyxxi.com
         
         
         Cantor Fitzgerald Europe
         Nominated Adviser: David Porter, Rick Thompson
         Corporate Broking: Richard Redmayne
         Tel: +44 (0) 20 7894 000
         
         Pelham Bell Pottinger
         James Henderson
         jhenderson@pelhambellpottinger.co.uk
         Mark Antelme
         mantelme@pelhambellpottinger.co.uk
         +44 (0) 20 7861 3232

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GlobeNewswire, Inc. 2013
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Morningstar - - Energy XXI Gulf Coast, Inc. Announces Pricing of $500 Million Upsized Offering of Senior Notes
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