Energy XXI Commences Concurrent Stock Offerings
Energy XXI has commenced, subject to market conditions, concurrent underwritten public offerings of 90 million shares of its common stock and $75 million (750,000 shares) of convertible perpetual preferred stock. The Company also intends to grant the underwriters a 30-day option to purchase up to 13.5 million additional shares of its common stock and 75,000 additional shares of its preferred stock to cover over-allotments, if any.
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.
Neither of the offerings is contingent upon the consummation of the other offering.
- Japan's Mitsui OSK Targets 26% Stake In Swan's Indian LNG Unit (Sep 18)
- As Rivals Circle, Japan Boosting Firepower To Buy Global Energy Assets (Sep 23)
- Gas Glut Upends Global Trade Flows As Buyers Find New Leverage (Aug 16)
Company: Energy XXI more info
- Energy XXI Gulf Coast Names New CEO (Apr 18)
- Houston Court Cuts into Delaware's Bankruptcy Business (May 11)
- Chesapeake Gets Credit Lifeline But Troubles Remain (Apr 15)