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Energy XXI exchanges $7.42 million of 5.625% convertible preferreds
By Susanna Moon
Chicago, March 8 - Energy XXI (Bermuda) Ltd. will issue 292,030 common shares and cash in exchange for $7,423,000 of its 5.625% convertible perpetual preferred stock.
Holders exchanged 29,692 of convertible preferreds with a liquidation preference of $250 each.
Under the agreement, the company will issue a number of shares equal to the sum of the number preferreds multiplied by 9.8353 plus a cash payment of $25.99 per preferred, of which $3.515 represents accrued dividends to be paid as a regular payment on March 15 and $22.475 as an inducement premium.
The company said on Feb. 24 that it issued common stock and cash in exchange for $26,072,000 of the preferreds. The 104,288 convertibles exchanged had a liquidation preference of $250 each.
For each convertible, the holders received 9.83526 shares of common stock and $25.52 cash. Of the cash payment, $2.77 represented accrued dividends and $22.75 represented an inducement premium.
Following the exchange on Feb. 24, $210,978,000 of the convertibles remained outstanding.
Also, the company announced on Feb. 21 that it issued common stock and cash in exchange for $25.45 million of the convertibles.
In that exchange, holders received 9.83526 shares and $25.50 cash for each convertible. Of the cash payment, $2.66 represented accrued dividends and $22.84 was an inducement premium.
Energy XXI is a Hamilton, Bermuda-based oil and natural gas exploration and production company.
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