- Energy XXI (EXXI -0.7%) is downgraded to Hold from Buy with a $4 price target, reduced from $6, at KLR Group, which cites an increase in its interest expense assumption driven by the issuance of $1.45B of lien notes partly offset by a ~40% increase in its FY 2017 forward capital spending assumptions.
- EXXI last week increased its offering size to $1.45B from $1.25B; the Company says it will use a portion of the proceeds to repay borrowings under its revolving credit facility.