Energy XXI holder agrees to convert $20,500 of 5.625% convertibles

By Ashley Montgomery

Kansas City, Kan., Sept. 19 - Energy XXI (Bermuda) Ltd. has closed an exchange agreement with a holder of its 5.625% convertible perpetual preferred stock, according to a company filing with the London Stock Exchange.

The company issued 810 shares of common stock in exchange for 82 shares of preferred stock.

Each preferred has a liquidation preference of $250.

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

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