Gulf of Mexico-focused oil firm Energy XXI has upped the fundraising of its subsidiary Gulf Coast arm after a private $500million issue last night.
The company had originally been looking to raise $300million through the issuing of senior notes in a private placement, with the money being used to repay outstanding debt.
The notes, which are unsecured, mature in 2021, with the private offer due to close on Tuesday, but the amount being offered has now been upped to $500million.
The company reported a $1.4billion debt and cash reserves of $38million in its most recent figures.
The Bermuda-based firm, which looks to develop oil and gas fields in the Gulf of Mexico, produces up to 50,000 barrels of oil equivalent per day.