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Energy XXI Announces Exchange of 5.625% Preferred Stock
Posted February 22, 2012
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HOUSTON -- Energy XXI (Nasdaq:EXXI) (LSE:EXXI) today announced the closing of exchange agreements with holders of the company's 5.625% Convertible Perpetual Preferred Stock, par value $0.001 per share, to issue shares of the company's common stock, par value $0.005 per share, in exchange for 101,800 shares of Preferred Stock. Pursuant to the Exchange Agreements, the company issued a number of shares of Common Stock equal to the sum, rounded to the nearest whole number, of the number of shares of such Preferred Stock multiplied by 9.83526, in addition to a cash payment of $25.50 per share of Preferred Stock, of which $2.66 represented accrued and unpaid dividends and $22.84 represented an inducement premium. Accordingly, 1,001,231 new shares of Common Stock have been issued. Issuance of the shares of Common Stock in this transaction will be exempt from registration under the Securities Act of 1933, as amended, pursuant to Section 3(a)(9) of the Securities Act. After such issuance, the company has a total of 77,538,412 common shares in issue, excluding 256,353 treasury shares, and 948,200 shares of Preferred Stock outstanding.
Application has been made for the 1,001,231 new shares of Common Stock to be admitted to trading on AIM and admission is expected to occur on Feb. 29, 2012.
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