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 $300 million (the “Fairfax Term Loan”) and its 12.5% Senior
Secured Second Lien Term Loan in the aggregate principal amount of $291
million (the “Exchange Term Loan,” and together with the Fairfax Term
Loan, the “Second Lien Term Loans”).
Simultaneously with the funding of the Second Lien Term Loans 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 $376 million of 2018 Notes and an
aggregate principal amount of approximately $201 million of 2022 Notes.
The proceeds of the Exchange Term Loan were deemed to be used to
complete the Note Repurchase and the proceeds of the Fairfax Term Loan
were used to repay approximately $300 million of outstanding
indebtedness under the Company’s Amended and Restated Credit Agreement.
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
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
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
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Copyright Business Wire 2015
Source: Business Wire
(October 27, 2015 - 5:08 PM EDT)
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