16 Nov 2011capital raising announcement● Neutral
Energy XXI filed its Gulf Coast subsidiary's routine Q1 FY2012 financial statements required under its senior notes indentures.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Oct 2011debt financing● NeutralMajor
Energy XXI loosened several credit-agreement terms: easier dividend/distribution rules, letting its own petroleum engineers (rather than an independent firm) prepare the annual reserve report subject only to third-party audit, and removing the minimum commodity-hedging requirement on proved developed producing reserves - trading some conservatism for flexibility just as the company's asset base (and storm exposure) was growing, with the required hurricane-season cash reserve doubled to $50 million in acknowledgment of that risk.
1 Sept 2011capital raising announcement● Neutral
Energy XXI filed its Gulf Coast subsidiary's routine FY2011 annual financial statements required under its senior notes indenture.
19 May 2011capital raising announcement▲ Good
Energy XXI continued converting preferred stock into common, exchanging 20,000 shares of 5.625% preferred and 88,500 shares of 7.25% preferred for a combined roughly 1.04 million common shares.
6 May 2011debt financing▲ GoodMajor
Energy XXI refreshed its whole credit facility with a Second Amended and Restated First Lien Credit Agreement: the borrowing base rose to $750 million, interest margins dropped, and all references to the 16% second-lien debt were deleted because it had been fully retired - confirming the crisis-era high-cost debt was gone. The new agreement also raised the cap on dividend payments up to the parent (for preferred stock payments) to $17 million a year and let the company pay up to $50 million annually to a new Bermuda-based captive insurer.
2 May 2011capital raising announcement● Neutral
Energy XXI filed its Gulf Coast subsidiary's routine Q3 FY2011 financial statements required under its senior notes indenture.
28 Feb 2011debt financing▲ GoodMajor
Energy XXI Gulf Coast formally issued the $250 million of 7.75% senior unsecured notes due 2019 under a new indenture, completing that refinancing round.
11 Feb 2011debt financing▲ GoodMajor
Energy XXI Gulf Coast raised another $250 million, this time at a lower 7.75% rate via senior unsecured notes due 2019, to repay revolver debt and buy back its remaining 10% Senior Notes due 2013 - continuing to refinance its capital structure at progressively cheaper rates as credit markets improved.
9 Feb 2011capital raising announcement● Neutral
Energy XXI filed its Gulf Coast subsidiary's routine Q2 FY2011 financial statements required under its senior notes indenture.
22 Dec 2010asset acquisition disposition▲ GoodMajor
The Exxon acquisition closed on December 17, 2010 for $1.012 billion, adding about 20,000 boe/day of production (53% oil), roughly 66 million barrels of proved and probable reserves, and 130,853 net offshore acres - a transformational addition to Energy XXI's Gulf of Mexico shelf position.
22 Dec 2010debt financing▲ GoodMajor
Energy XXI Gulf Coast formally issued the $750 million of 9.25% senior unsecured notes due 2017 under a new indenture, completing the bond financing behind the Exxon acquisition.
6 Dec 2010debt financing▲ GoodMajor
Energy XXI Gulf Coast priced $750 million of new 9.25% senior unsecured notes due 2017 to help fund the Exxon acquisition and pay down revolver borrowings.
2 Dec 2010debt financing▲ Good
Lenders granted another interim covenant waiver clearing the way for Energy XXI Gulf Coast to raise new unsecured debt to help fund the pending Exxon acquisition and refinance its 16% and 10% notes.
23 Nov 2010debt financing▲ GoodMajor
To finance the Exxon acquisition, Energy XXI's lenders agreed to massively expand its credit facility - revolving commitments to $925 million, borrowing base to $700 million, letter-of-credit capacity to $300 million, maturity extended four years - and to permit up to $1 billion of additional unsecured debt to fund the deal and retire the remaining 16% and 10% notes, contingent on the Exxon deal closing.
22 Nov 2010material agreement▲ GoodMajor
Energy XXI agreed to its largest deal yet: a $1.012 billion cash purchase of nine shallow-water Gulf of Mexico shelf fields from ExxonMobil and Mobil affiliates, sitting between its existing South Timbalier and Main Pass operations. The deal is to be financed with a $450 million term loan, $350 million of revolver borrowings and cash on hand, and comes with a roughly $200 million estimated plugging-and-abandonment liability and a $225 million standby letter of credit to cover it - a transformational scale-up that also loads the company with major legacy decommissioning obligations.
22 Nov 2010debt financing▲ GoodMajor
Lenders waived credit-agreement covenants to let Energy XXI Gulf Coast use about $133 million of the October equity-raise proceeds to redeem its 16% Second Lien Notes (by March 2011) and, once those were retired, its 10% Senior Notes (by September 2011) - the mechanics behind the ongoing high-cost-debt payoff.
18 Nov 2010capital raising announcement● Neutral
Energy XXI filed its Gulf Coast subsidiary's routine Q1 FY2011 financial statements required under its senior notes indenture.
8 Nov 2010capital raising announcement● Neutral
Energy XXI filed its Gulf Coast subsidiary's routine FY2010 annual financial statements required under its senior notes indenture.
27 Oct 2010capital raising announcement▲ GoodMajor
Energy XXI launched another round of equity raises - 9.5 million common shares plus $200 million of new convertible preferred stock - earmarked to buy back $119 million of its expensive 16% Second Lien Notes and repay $91.5 million of revolver debt, continuing to unwind the costly 2009 crisis-era financing.
18 Oct 2010debt financing▲ GoodMajor
Confirming the recovery from its 2009 crisis-era lows, Energy XXI's credit facility borrowing base was back up to $350 million, and lenders amended the agreement to let Gulf Coast fund up to $25 million to induce early conversion of the 7.25% preferred stock and up to $9 million a year for preferred dividends - directly financing the deleveraging program underway.
15 Oct 2010capital raising announcement▲ GoodMajor
Energy XXI expanded the preferred-stock conversion program, exchanging another 347,500 preferred shares for common stock, cutting the outstanding preferred balance to 680,500 shares.
7 Oct 2010capital raising announcement▲ Good
Energy XXI began retiring its 7.25% convertible preferred stock, exchanging 72,000 preferred shares for common stock under a formula tied to the stock's recent trading price - part of a push to simplify its capital structure as the post-crisis recovery took hold.
24 May 2010capital raising announcement● Neutral
Energy XXI filed its Gulf Coast subsidiary's routine Q3 2010 financial statements required under its senior notes indenture.
18 Feb 2010capital raising announcement● Neutral
Energy XXI filed its Gulf Coast subsidiary's routine Q2 2010 financial statements required under its senior notes indenture.
10 Feb 2010debt financing● Neutral
Energy XXI Gulf Coast signed a Sixth Amendment to its First Lien Credit Agreement (no further detail on terms disclosed in this filing).
2 Dec 2009capital raising announcement● Neutral
Energy XXI filed its Gulf Coast subsidiary's routine Q3 2009 financial statements required under its senior notes indenture.
1 Dec 2009capital raising announcement▲ GoodMajor
Energy XXI launched concurrent public offerings of 90 million common shares and $75 million of convertible preferred stock to fund the MitEnergy acquisition, alongside underwriter over-allotment options.
24 Nov 2009material agreement▲ GoodMajor
Even while restructuring its balance sheet, Energy XXI agreed to buy Gulf of Mexico shelf interests from Mitsui subsidiary MitEnergy for $283 million (about $263 million net after adjustments) - mostly non-operated stakes in the same fields it had bought from Pogo Producing in 2007, adding 8,000 boe/day of production (77% oil) with hedges locked in at $73.46/barrel, to be funded with new equity, cash and bank debt.
19 Nov 2009debt financing▼ BadMajor
Energy XXI completed the exchange, swapping $347.5 million of its 10% Senior Notes for $278 million of new 16% Second Lien Notes and raising $60 million more of those notes plus 13.2 million new shares in a concurrent private placement - cutting total face debt somewhat but replacing cheap 10% debt with expensive 16% secured paper, a costly but necessary trade during the crisis.
28 Oct 2009listing compliance notice▼ Bad
Energy XXI Ltd withdrew a registration statement, abandoning the offering it covered.