Energy XXI issues shares in exchange for 5.625% convertible preferreds

By Tali David

Minneapolis, Oct. 3 - Energy XXI (Bermuda) Ltd. issued 1,493 shares of common stock in exchange for 149 shares of its 5.625% convertible perpetual preferred stock, according to a filing with the London Stock Exchange.

Under the exchange agreement, the company issued to the holder a number of common shares equal to the sum, rounded to the nearest whole number, of the number of preferreds multiplied by 10.0147.

Following the transaction, the company has 813,039 shares of 5.625% preferred stock outstanding.

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

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