Energy XXI has completed its previously announced concurrent public offerings of common stock and convertible perpetual preferred stock. The Company sold a total of 90 million shares of its common stock at $1.90 per share and 1.1 million shares of its 7.25% convertible perpetual preferred stock at $100 per share, including the over-allotment option for the convertible preferred stock, which was exercised in full by the underwriters.
Total net proceeds from these offerings, after deducting underwriting discounts and commissions, were $268.7 million. The Company intends to use the net proceeds from these offerings to fund its previously announced acquisition of certain Gulf of Mexico shelf oil and natural gas interests from MitEnergy Upstream LLC, a subsidiary of Mitsui & Co., Ltd.
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