Energy XXI: Offer funds will help buy $119 million 16% notes due 2014

By Devika Patel

Knoxville, Tenn., Oct. 27 - Energy XXI (Bermuda) Ltd. said it will use the proceeds from two offerings to purchase about $119 million of its 16% second-lien junior secured notes due 2014.

The company plans to sell 9.5 million common shares and $200 million of convertible perpetual preferred stock.

Energy XXI will also repay about $91.5 million of its revolving credit facility debt.

The issuer is a Bermuda-based oil and natural gas exploration and production company.

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