Energy XXI issues common shares in exchange for 5.625% convertibles

By Ashley Montgomery

Kansas City, Kan., Nov. 26 - Energy XXI (Bermuda) Ltd. has closed an exchange agreement with a holder of its 5.625% convertible perpetual preferred stock, according to notice filed with the London Stock Exchange.

Under the agreement, the company issued 603 shares of its common stock in exchange for 61 total shares of preferred stock. The number of common shares is equal to the sum, rounded to the nearest whole number, of the number of preferreds multiplied by 9.878, the company said in the notice.

Following the exchange, the company has 79,327,491 common shares and 813,320 of the preferreds outstanding.

The company has applied to list the new shares for trading on AIM beginning Nov. 30.

Energy XXI is a Hamilton, Bermuda-based oil and natural gas exploration and production company.

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