May 10, 2018 / 10:42 AM / 6 months ago

BRIEF-Energy XXI Gulf Coast Announces Proposed Strategic Disposition Of Non-Core Assets And Related Asset Retirement Obligations To Orinoco Natural Resources

May 10 (Reuters) - Energy XXI Gulf Coast Inc:

* ENERGY XXI GULF COAST ANNOUNCES PROPOSED STRATEGIC DISPOSITION OF NON-CORE ASSETS AND RELATED ASSET RETIREMENT OBLIGATIONS TO ORINOCO NATURAL RESOURCES

* ENERGY XXI GULF COAST INC - DEAL ELIMINATES APPROXIMATELY $320 MILLION OF UNDISCOUNTED P&A LIABILITY

* ENERGY XXI GULF COAST INC - ONR WOULD RECEIVE A 35% EQUITY OWNERSHIP POSITION IN EGC, PRO FORMA FOR DEAL

* ENERGY XXI GULF COAST INC - EGC WOULD ISSUE TO OEF $100 MILLION, TEN-YEAR, SECOND LIEN NOTE AMORTIZED RATABLY BEGINNING 2019, WITH 9% ANNUAL INTEREST

* ENERGY XXI GULF COAST INC - EGC WOULD PAY OEF UPFRONT CASH TOTALING $12.5 MILLION AT CLOSING, ADDITIONAL $12.5 MILLION SIX MONTHS FOLLOWING DEAL CLOSING Source text for Eikon: Further company coverage:

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