Energy XXI issues shares in exchange for 5.625% convertible preferreds

By Tali Rackner

Norfolk, Va., Nov. 24 – Energy XXI Ltd. said it issued 11 shares of common stock in exchange for shares of its 5.625% convertible perpetual preferred stock, according to a filing with the London Stock Exchange.

Under the exchange agreement, the company issued to the holder a number of common shares equal to the sum of the number of preferreds, rounded up, multiplied by 10.2409.

After the issuance, the company has a total of 94,030,355 common shares in issue and 812,759 shares of 5.625% preferred stock outstanding.

The company has applied to list the new shares for trading on AIM beginning Dec. 1.

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

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