Finance & Investing | Fundraising | Capital Markets
EXCO $109MM Transaction to Improve Balance Sheet
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EXCO Resources, Inc. has entered into additional transactions as the Company continues to enhance its balance sheet as part of its ongoing strategic improvement plan.
EXCO has entered into agreements with certain unsecured noteholders pursuant to which the Noteholders have agreed to become additional lenders for an aggregate amount of $109 million under the Senior Secured Second Lien Term Loan entered into by EXCO on October 19, 2015 in exchange for the Company repurchasing $252 million of the Noteholders’ senior unsecured notes at an average price of 43% of principal amount. EXCO had previously exchanged senior unsecured notes at an average price of 51% of principal amount.
The Exchange Term Loan bears interest at a rate of 12.50% per annum and has a five-year maturity. EXCO and the…
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