Energy XXI retires $890 million of bonds, to cut leverage further

By Susanna Moon

Chicago, Nov. 9 – Energy XXI said it has been “opportunistic in repurchasing bonds” and has retired more than $890 million principal amount of its bonds so far.

Energy XXI is continuing to analyze transactions to cut leverage further, according to the company’s earnings release for the three months ended Sept. 30, or the fiscal 2016 first quarter.

The buybacks have resulted in annualized cash interest expense savings of more than $65 million.

As of Oct. 31, the company had total liquidity of $510 million.

“Our finance team continues to reduce debt while managing our liquidity,” Energy XXI president and chief executive officer John Schiller said in the press release.

“We have retired over $890 million in face value of our bonds through open-market purchases and continue to look for opportunities to reduce our leverage and minimize annual interest payments.”

Energy XXI is an independent oil and natural gas development and production company based in Houston.

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