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EXCO Ups Borrowing Base; Details 4Q Results, Reserves
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EXCO Resources, Inc. has amended the Amended and Restated Credit Agreement to provide EXCO the financial flexibility to selectively develop its asset base while deferring a significant amount of the Company’s drilling inventory until commodity prices improve. The Credit Agreement was amended to:
remove the total consolidated leverage ratio through September 2016 and then be reinstated in the fourth quarter of 2016 at 6.00x stepping down to 4.50x for the first quarter of 2018; add a senior secured leverage ratio of 2.50x and an interest coverage ratio of 2.00x; and set the borrowing base at $725 million.EXCO has worked aggressively to reduce debt since closing on approximately $1 billion of acquisitions in July 2013 through non-core asset sales and a rights offering of our common stock…
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