December 11, 2009 (FinancialWire) — Energy XXI (Bermuda) Ltd. (NASDAQ: EXXI) 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. A further announcement will be issued should the over-allotment option be exercised. 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 LLC are serving as joint book-running managers for the offerings.

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