Energy XXI issues shares in exchange for 5.625% convertible preferreds

By Tali David

Minneapolis, Oct. 17 - Energy XXI (Bermuda) Ltd. said it issued 972 shares of common stock in exchange for 97 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 of the number of preferreds multiplied by 10.0147.

After the issuance, the company has a total of 75,805,180 common shares in issue, excluding 3,853,563 treasury shares, and 812,942 shares of 5.625% preferred stock outstanding.

The company has applied to list the 972 new shares for trading on AIM beginning Oct. 24.

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

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