EXCO Resources, Inc. (NYSE:XCO) (“EXCO” or the “Company”) today
announced that it had closed the funding of its previously announced
12.5% Senior Secured Second Lien Term Loan in the aggregate principal
amount of approximately $109 million (the “Exchange Term Loan”).
Simultaneously with the funding of the Exchange Term Loan and pursuant
to a series of purchase agreements, the Company completed its previously
announced repurchase (the “Note Repurchase”) of an aggregate principal
amount of approximately $175 million of 2018 Notes and an aggregate
principal amount of approximately $76 million of 2022 Notes. The
proceeds of the Exchange Term Loan were deemed to be used to complete
the Note Repurchase and the Notes repurchased will be cancelled by the
trustee following customary settlement procedures.
Additional information about the transactions will be available in a
Form 8-K to be filed by the Company in connection with the transactions
described above.
About EXCO
EXCO Resources, Inc. is an oil and natural gas exploration,
exploitation, acquisition, development and production company
headquartered in Dallas, Texas with principal operations in Texas, North
Louisiana and Appalachia.
Additional information about EXCO Resources, Inc. may be obtained by
contacting Chris Peracchi, EXCO’s Vice President of Finance and Investor
Relations, and Treasurer, at EXCO’s headquarters, 12377 Merit Drive,
Suite 1700, Dallas, TX 75251, telephone number (214) 368-2084, or by
visiting EXCO’s website at www.excoresources.com.
EXCO’s SEC filings and press releases can be found under the Investor
Relations tab.
Forward-Looking Statements
This release may contain forward-looking statements relating to future
financial results, business expectations and business transactions.
Actual results may differ materially from those predicted as a result of
factors over which EXCO has no control. Such factors include, but are
not limited to: continued volatility in the oil and gas markets, the
estimates of reserves, commodity price changes, regulatory changes and
general economic conditions. These risk factors are included in EXCO’s
reports on file with the SEC. Except as required by applicable law, EXCO
undertakes no obligation to publicly update or revise any
forward-looking statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151104006910/en/
Copyright Business Wire 2015
Source: Business Wire
(November 4, 2015 - 5:08 PM EST)
News by QuoteMedia
www.quotemedia.com