Energy XXI issues shares for $25,750 of 5.625% convertible preferreds

By Jennifer Chiou

New York, June 28 - Energy XXI (Bermuda) Ltd. announced that it has issued 1,016 new common shares in exchange for $25,750 of 5.625% convertible perpetual preferred stock.

The holder exchanged 103 of the convertible preferreds with a liquidation preference of $250 each.

The company issued a number of shares equal to the sum of the number of preferreds multiplied by 9.8578, rounded to the nearest whole number.

Following the exchange, $203,529,250 of the convertibles remains outstanding.

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

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