Energy XXI swaps $250,000 convertible preferreds for common stock

By Toni Weeks

San Diego, March 24 - Energy XXI (Bermuda) Ltd. said it issued 21,930 common shares in exchange for $250,000 of its 7.25% perpetual convertible preferred stock.

The shares were issued when the holder converted 2,500 preferreds at a ratio of 8.77192 shares for each preferred. The company also made a $33,984 payment as a premium to induce the investor to convert the securities and as payment for dividends on the preferreds.

This exchange is on the same terms as the company's tender offer for its preferreds, which settled Nov. 19.

Following the conversion, the company has 74,269,198 common shares outstanding, excluding 653 treasury shares.

Energy XXI is a Hamilton, Bermuda-based oil and natural gas exploration and production company with U.S. Gulf of Mexico properties.

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