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Energy XXI downgraded to Hold from Buy at KLR

Mar. 09, 2015 11:13 AM ETEnergy XXI Gulf Coast, Inc. (EGC) StockBy: Carl Surran, SA News Editor7 Comments
  • 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.

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