Energy XXI holder swaps 7.25% convertible preferreds for stock

By Melissa Kory

Cleveland, May 19 - Energy XXI (Bermuda) Ltd. said it issued 825,995 shares of common stock in exchange for 88,500 shares of its 7.25% convertible perpetual preferred stock under an exchange agreement reached with the holder.

The number of shares of common stock issued is equal to the sum of (i) the number of preferreds multiplied by 8.77192, (ii) the number of preferreds multiplied by a fraction whose numerator is $17 and denominator is the arithmetic average of the daily volume-weighted average price of the common stock for each of the three trading days ended on May 19 and (iii) the dollar amount of unpaid dividends from March 15 to May 19 divided by the average VWAP.

After the exchange, the company has 75,310,573 common shares outstanding, excluding 653 treasury shares, and 8,000 shares of preferred stock outstanding.

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

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