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Energy XXI begins exchange offer for 7.25% convertible preferreds
By Angela McDaniels
Tacoma, Wash., Oct. 21 - Energy XXI (Bermuda) Ltd. began an exchange offer for its 7.25% convertible perpetual preferred stock, according to a company news release.
Holders who tender by 5 p.m. ET on Nov. 4, the early tender date, will receive 8.77192 shares of common stock and $19.00 in cash for each convertible.
Holders who tender after the early tender date but prior to midnight ET on Nov. 18 will receive 8.77192 shares of common stock and $18.50 in cash for each convertible.
The company will also pay accrued dividends up to but excluding the settlement date.
The exchange offer is not conditioned on any minimum number of convertibles being tendered.
Continental Stock Transfer & Trust Co. is the exchange agent, and the information agent is D.F. King & Co., Inc. (212 269-5550 or 888 628-1041).
Energy XXI is an oil and natural gas exploration and production company based in Hamilton, Bermuda.
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