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Energy XXI (Bermuda) Limited, 5.625% Convertible Perpetual Preferred Stock
Ticker Symbol: EXIXQ* CUSIP: 29274U309 Exchange: OTOTC
* NOTE: This security is no longer trading as of 12/30/2016
Security's Distribution is Suspended!
QUANTUMONLINE.COM SECURITY DESCRIPTION: Energy XXI (Bermuda) Limited, 5.625% Convertible Perpetual Preferred Stock, liquidation preference $250 per share, not redeemable at the issuer's option at any time, and with no stated maturity. Cumulative distributions of 5.625% ($14.0625) per annum are paid quarterly in cash or common stock on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date which will be 3/1, 6/1, 9/1 & 12/1 respectively (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Dividends paid by these preference shares are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) but, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders (see page S-45 of the prospectus for further information). The preferred shares are convertible any time at the holder's option into 9.8353 common shares of Energy XXI (Bermuda) Limited (Nasdaq: EXXI), an initial conversion price of approximately $25.42 per common share. On or after 12/15/2013, if the price of the common stock exceeds 130% of the conversion price for 20 of any 30 consecutive trading days, the company may, at their option, cause the preferred shares to be converted into common shares at the then prevailing conversion price. In regard to the payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the convertible preferred stock and the conversion provisions by clicking on the ‘Link to IPO Prospectus’ provided below.
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Stock Exchange |
Cpn Rate Ann Amt |
LiqPref CallPrice |
Call Date Matur Date |
Moodys/S&P Dated |
Conv Shrs Conv Price |
Distribution Dates |
15% Tax Rate |
OTOTCn
OTOTCps
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5.63%
$14.0625
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$250.00
n.a.
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12/15/2013
None
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NF NF
11/18/2015
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9.8353
$25.42
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Suspended!
3/15, 6/15, 9/15 & 12/15
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
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YES
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Go to Parent Company's Record (EXXIQ)
Notes: December 30, 2016 -- Energy XXI Ltd (Energy XXI today announced that it has successfully completed its financial restructuring and emerged from Chapter 11. Through this process, Energy XXI has substantially improved its financial position
by eliminating more than $3.6 billion of debt from its balance sheet. In accordance with the restructuring plan, Energy XXI Gulf Coast, Inc. (EGC), as successor to Energy XXI, has appointed a new Board of Directors. Effectively immediately, Energy XXI common stock will cease trading on the OTC Market. EGC will have approximately 33 million shares outstanding after the reorganization issued pursuant to the restructuring plan. EGC will continue to file Exchange Act reports and expects to
pursue a listing on the OTCQB Market as soon as it is able to meet the listing criteria._______________April 14, 2016, Energy XXI Ltd, a Bermuda exempted company, Energy XXI Gulf Coast, Inc., an indirect wholly-owned subsidiary of the Company (“EGC”), EPL Oil & Gas, Inc., an indirect wholly-owned subsidiary of the Company (“EPL”) and certain other subsidiaries of the Company listed on Schedule 1 of the Restructuring Support Agreement (as defined below) (together with the Company, EGC and EPL, the “Debtors”) filed voluntary petitions for reorganization in the United States Bankruptcy Court for the Southern District of Texas, Houston Division seeking relief under the provisions of chapter 11 of Title 11 of the United States Code under the caption In re Energy XXI Ltd, et al., Case No. 16-31928. Prior to filing the Bankruptcy Petitions, on April 11, 2016, the Debtors entered into a Restructuring Support Agreement with certain holders (the “Second Lien Noteholders”) of EGC’s 11.000% Senior Secured Second Lien Notes due 2020, providing that the Second Lien Noteholders party thereto will support a restructuring of the Debtors, subject to the terms and conditions of the Restructuring Support Agreement. The restructuring transactions contemplated by the Restructuring Support Agreement will be effectuated through a joint prearranged plan of reorganization in accordance with the terms and conditions of the term sheet dated April 11, 2016, a copy of which is attached as Exhibit A to the Restructuring Support Agreement (as may be amended, restated, supplemented, or otherwise modified from time to time, the “Plan”). The Plan will represent a settlement of various issues, controversies, and disputes. Capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Restructuring Support Agreement.
The Restructuring Support Agreement provides, among other things, that:
• Existing common stock and preferred stock of the Company would be extinguished, and existing equity holders would not receive consideration in respect of their equity interests. ____________ The company does not currently intend to apply for listing of the convertible preferred stock on any securities exchange or stock market.
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IPO - 10/29/2010 - 1.00 Million Shares @ $250.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: EXIXF
Market Value $250.0 Million
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Foreign Address and Phone Numbers |
Address: Canons Court, 22 Victoria Street, P.O. Box HM 1179, Hamilton, HM EX, Bermuda |
Address and Phone Numbers |
U.S. Representative |
Energy XXI U.S.A., Inc |
Address: 1021 Main, Suite 2626, Houston, TX 77002 |
Main Phone Number |
713-351-3000 |
Fax Number |
713-351-3300 |
Investor Relations
Stewart Lawrence
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713-351-3006
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Toll Free Phone Number |
Unknown |
CEO - John D. Schiller, Jr. |
CFO - David West Griffin |
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