Attached files
| file | filename |
|---|---|
| 8-K - Energy XXI Ltd | v168687_8k.htm |
| EX-1.1 - Energy XXI Ltd | v168687_ex1-1.htm |
| EX-1.2 - Energy XXI Ltd | v168687_ex1-2.htm |
| EX-3.1 - Energy XXI Ltd | v168687_ex3-1.htm |
| EX-5.2 - Energy XXI Ltd | v168687_ex5-2.htm |
| EX-5.1 - Energy XXI Ltd | v168687_ex5-1.htm |
Energy
XXI Prices $271 Million in Concurrent Offerings of
Common
Stock and 7.25% Convertible Perpetual Preferred Stock
HOUSTON –
Dec. 9, 2009 – Energy XXI (Bermuda) Limited (NASDAQ: EXXI) today announced the
pricing of its previously announced concurrent offerings of $171 million (90
million shares) of its common stock and $100 million (1 million shares) of 7.25%
convertible perpetual preferred stock. The company has also granted
the underwriters a 30-day option to purchase up to 13.5 million additional
shares of its common stock and 100,000 additional shares of its convertible
preferred stock to cover over-allotments, if any. Both offerings are
expected to settle and close on Dec. 14, 2009, each subject to customary closing
conditions.
The
common stock offering was priced at $1.90 per share. The company estimates that
the net proceeds from the common stock offering will be approximately $162
million, after deducting underwriting commissions, but before expenses (or
approximately $186.3 million, if the underwriters exercise their over-allotment
option to purchase additional shares of common stock in full). The
convertible preferred stock offering was priced at $100 per
share. The company estimates that the net proceeds from the
convertible preferred stock offering will be approximately $97 million, after
deducting underwriting commissions, but before expenses (or approximately $106.7
million, if the underwriters exercise their over-allotment option to purchase
additional shares of convertible preferred stock in full). As
previously announced, the company will use the net proceeds from these offerings
to fund its acquisition of certain Gulf of Mexico shelf oil and natural gas
interests from MitEnergy Upstream LLC, a subsidiary of Mitsui & Co.,
Ltd.
UBS
Investment Bank and Credit Suisse Securities (USA) LLC are serving as joint
book-running managers for the offerings. The offerings are being made only by
means of a prospectus and related prospectus supplements, copies of which may be
obtained from UBS Investment Bank, Attention: Prospectus Department, 299 Park
Avenue, New York, NY 10171, 888-827-7275 and Credit Suisse Securities (USA) LLC,
Prospectus Department, One Madison Avenue, New York, NY 10010, 800-221-1037. An
electronic copy of each of the prospectus supplements is available from the
Securities and Exchange Commission’s website at www.sec.gov.
The
shares of common stock and convertible preferred stock are being offered
pursuant to an effective shelf registration statement that the company
previously filed with the U.S. Securities and Exchange Commission. This press
release is not an offer to sell these securities and is not soliciting an offer
to buy these securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Forward-Looking
Statements
All
statements included in this release relating to future plans, projects, events
or conditions and all other statements other than statements of historical fact
included in this release are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking statements
in this press release relate to, among other things, the offering of the common
stock and convertible preferred stock and the expected use of proceeds from both
proposed offerings. These statements are based upon current
expectations and are subject to a number of risks, uncertainties and
assumptions, including changes in long-term oil and gas prices or other market
conditions affecting the oil and gas industry, reservoir performance, the
outcome of commercial negotiations and changes in technical or operating
conditions, among others, that could cause actual results, including project
plans and related expenditures and resource recoveries, to differ materially
from those described in the forward-looking statements. The company
assumes no obligation and expressly disclaims any duty to update the information
contained herein except as required by law.
About
Energy XXI
Energy
XXI is an independent oil and natural gas exploration and production company
whose growth strategy emphasizes acquisitions, enhanced by its value-added
organic drilling program. The company’s properties are located in the U.S. Gulf
of Mexico waters and the Gulf Coast onshore. Collins Stewart Europe
Limited and Macquarie Capital (Europe) Limited are Energy XXI listing brokers in
the United Kingdom.
Enquiries
of the Company
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Energy
XXI (Bermuda) Limited
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Collins
Stewart Europe Limited
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Stewart
Lawrence
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Nominated
Adviser and Joint UK Broker
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Vice
President, Investor Relations and
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Piers
Coombs, Stewart Wallace
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Communications
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44
(0) 20 7523 8350
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713-351-3006
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pcoombs@collinsstewart.com
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slawrence@energyxxi.com
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