Energy XXI Updates on Overallotment Option for Stock Offering

Energy XXI announced that the underwriters of its previously announced public offering of the Company's common stock have purchased an additional 4,105,231 shares of common stock pursuant to an exercise of their option to purchase additional shares of common stock to cover overallotments. The Company received net proceeds of approximately $7.4 million, after deducting underwriting discounts and commissions.

The offering of the Company's common stock, including the exercise of the overallotment option for the common stock, and the Company's previously announced concurrent public offering of the Company's 7.25% convertible perpetual preferred stock, including the overallotment option for the convertible preferred stock, resulted in the total sale of 94,105,231 shares of the Company's common stock at a price of $1.90 per share to the public and 1,100,000 shares of the Company's convertible preferred stock at a price of $100 per share to the public, respectively, for total net proceeds from both offerings of $276.1 million, after deducting underwriting commissions and estimated expenses of the offering.

 

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