Energy XXI issues stock in exchange for 5.625% convertible preferreds

By Ashley Montgomery

Kansas City, Kan., Dec. 17 - Energy XXI (Bermuda) Ltd. has closed an exchange agreement with a holder of its 5.625% convertible perpetual preferred stock, according to notice filed with the London Stock Exchange.

Under the agreement, the company issued 426 shares of its common stock in exchange for 43 total shares of preferred stock. The number of common shares is equal to the sum, rounded to the nearest whole number, of the number of preferreds multiplied by 9.899, the company said in the notice.

Following the issue, the company has 79,327,917 common shares in issue.

The company has applied to list the new shares for trading on AIM beginning Dec. 21.

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

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