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Energy XXI (Bermuda) Limited Announces Private Offering Of $300 Million Of Convertible Notes Due 2018

HOUSTON, Nov. 18, 2013 (GLOBE NEWSWIRE) -- Energy XXI (Bermuda) Limited (the " Company ") (Nasdaq:EXXI) (LSE:EXXI) today announced that it intends, subject to market and other conditions, to offer $300 million aggregate principal amount of Convertible Notes due 2018 (the " Convertible Notes ") in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the " Securities Act "). The Company expects to grant a 30-day option to the initial purchasers to purchase up to an additional $45 million aggregate principal amount of Convertible Notes. The Convertible Notes are expected to pay interest semiannually and will be convertible into cash, shares of the Company's common stock or a combination of cash and shares of the Company's common stock, at the Company's election, based on a conversion rate to be determined. The Convertible Notes will mature in 2018, unless repurchased or converted in accordance with their terms prior to such date. Prior to September 15, 2018, the Convertible Notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the second scheduled trading day immediately preceding the maturity date. The Company will be required to offer to repurchase the Convertible Notes if a fundamental change, as defined in the indenture relating to the Convertible Notes, occurs. In addition, the conversion rate will be increased with respect to Convertible Notes converted in connection with specified fundamental change transactions.
Energy XXI Logo (EPR)

The Company intends to apply the net proceeds from the sale of the Convertible Notes for general corporate purposes, which may include working capital, capital expenditures or acquisitions. Concurrently with the offering, one of the Company's wholly owned subsidiaries intends to repurchase up to $100 million of shares of the Company's common stock funded with borrowings under the revolving credit facility of Energy XXI Gulf Coast, Inc., the Company's wholly owned subsidiary.

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