Energy XXI increases late exchange offer price for 7.25% convertibles

By Susanna Moon

Chicago, Nov. 3 - Energy XXI (Bermuda) Ltd. said it amended the payout terms of the exchange offer for its 7.25% convertible perpetual preferred stock.

Holders will now receive 8.77192 common shares and $19.00 in cash for each convertible regardless of whether they tender by 5 p.m. ET on Nov. 4, the early tender date, or by midnight ET on Nov. 18, the expiration date.

Before the amendment, holders would have received 8.77192 shares and $18.50 in cash per convertible tendered after the early date.

The company will also pay accrued dividends up to but excluding the settlement date.

As of 5 p.m. ET on Nov. 2, holders had tendered 100,930 convertibles.

Tendered convertibles may be withdrawn at any time before the expiration of the exchange offer.

The exchange offer is not conditioned on any minimum number of convertibles being tendered.

Continental Stock Transfer & Trust Co. is the exchange agent, and the information agent is D.F. King & Co., Inc. (212 269-5550 or 888 628-1041).

Energy XXI is an oil and natural gas exploration and production company based in Hamilton, Bermuda.

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