EXCO Resources, Inc. (NYSE:XCO) (“EXCO” or the “Company”) today
announced that the Company has obtained the requisite consents to
approve the proposed amendments on its previously announced consent
solicitation to amend the indenture governing its 7.500% senior notes
due 2018 (the “Notes”), which expired at 5:00 p.m., New York City Time,
on November 24, 2015 (the “Expiration Date”).
Following the receipt of the requisite consents to the proposed
amendments, EXCO entered into a supplemental indenture effecting the
proposed amendments with respect to the indenture governing the Notes,
which became operative on November 25, 2015. The new supplemental
indenture: (i) eliminates the reduction in the amount of secured
indebtedness permitted under EXCO’s credit facilities upon principal
payments which result in a permanent reduction in borrowing capacity of
EXCO and its subsidiaries, and (ii) amends the definition of “Credit
Facilities” in the indenture to include debt securities as a permitted
form of additional secured indebtedness, in addition to the term loans
and other credit facilities currently permitted.
Credit Suisse Securities (USA) LLC acted as Solicitation Agent for the
consent solicitation, and D.F. King & Co., Inc. acted as the
Information, Tabulation and Paying Agent for the consent solicitation.
This announcement does not constitute a solicitation of consents of
holders of the Notes and shall not be deemed a solicitation of consents
with respect to any other securities of EXCO or its subsidiaries.
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 Securities and Exchange Commission (“SEC”) filings and press
releases can be found under the Investor Relations tab.
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
(November 25, 2015 - 6:30 AM EST)
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