Energy XXI to swap common stock for 7.25% convertible preferreds

By Marisa Wong

Madison, Wis., Oct. 15 - Energy XXI (Bermuda) Ltd. said it will issue common stock in exchange for 347,500 shares of 7.25% convertible perpetual preferred stock.

Of the 347,500 preferred shares, 150,000 shares will be converted at a fixed rate into 1,431,920 shares of common stock.

The remaining 197,500 shares will be exchanged for a number of common shares based on the stated conversion rate in the convertible, plus a premium and accrued dividends. The premium and accrued dividends are based on the daily average of the volume-weighted average price over the one trading day prior to closing.

The exchange is scheduled to close Oct. 18. After that, there will be 680,500 convertible preferred shares outstanding.

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

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