Energy XXI issues 3.33 million shares for $34.75 million 7.25% perpetual convertible preferreds

By Jennifer Chiou

New York, Oct. 19 - Energy XXI (Bermuda) Ltd. announced the issue of a total of 3,325,620 common shares in exchange for $34.75 million of its 7.25% convertible perpetual preferred stock.

Of the issued shares, 3,048,242 were issued upon conversion at a ratio of 8.77192 common shares for each preferred, and 277,378 were issued as a premium to induce the transaction as well as for accrued dividends.

When the swap was announced during the Oct. 11 week, the company had said that 150,000 preferreds were to be converted at a fixed rate into 1,431,920 shares of common stock. The remaining 197,500 shares were to be exchanged for a number of common shares based on the stated conversion rate in the convertible, plus a premium and accrued dividends.

Following the exchange, there are 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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