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Energy XXI to swap common stock for $7.2 million of 7.25% convertibles
By Angela McDaniels
Tacoma, Wash., Oct. 7 - Energy XXI (Bermuda) Ltd. agreed on Oct. 6 to issue common stock in exchange for $7.2 million of its 7.25% convertible perpetual preferred stock, according to an 8-K filing with the Securities and Exchange Commission.
The number of shares of common stock to be issued will be based on the conversion ratio plus a premium and accrued interest.
Specifically, the company will issue a number of shares equal to the sum of:
• The number of preferreds, which is 72,000, multiplied by 8.77192;
• The number of preferreds multiplied by a fraction whose numerator is $19.00 and denominator is the arithmetic average of the daily volume-weighted average price of the common stock for the five consecutive trading days ending on Oct. 12; and
• The dollar amount of accrued dividends to Oct. 13 divided by the average VWAP price.
The exchange is expected to close on Oct. 14.
Energy XXI is a Hamilton, Bermuda-based oil and natural gas exploration and production company.
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