Finance & Investing | Top Story | Debt | Fundraising | Capital Markets
Haynesville Operator Cuts Debt by $270MM
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EXCO Resources, Inc. has entered into agreements for a series of transactions that are expected to significantly enhance its balance sheet and substantially increase its financial flexibility as part of its ongoing strategic improvement plan.
EXCO has executed an agreement with subsidiaries of Fairfax Financial Holdings Limited to provide a $300 million Senior Secured Second Lien Term Loan. The Fairfax Term Loan will be issued at par, bears interest at a rate of 12.50% per annum and has a five-year maturity. The Company will use the net proceeds of the Fairfax Term Loan to repay a portion of the borrowings under the Company’s Amended and Restated Credit Agreement.
EXCO has also entered into agreements with certain unsecured noteholders (the “Noteholders”) pursuant to which the Noteholders…
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