EXCO Resources, Inc. Borrows Remaining Undrawn Amount of Its Amended and Restated Credit Agreement
September 07 2017 - 5:20PM
Business Wire
EXCO Resources, Inc. (NYSE: XCO.BC) (“EXCO” or the
“Company”) announced today that the Board of Directors of
the Company (the “Board”) has delegated authority to the
Audit Committee of the Board (the “Audit Committee”), which
is comprised of EXCO’s four independent directors, to explore
strategic alternatives to strengthen the Company’s balance sheet
and maximize the value of the Company.
The Company, at the direction of the Audit Committee, has
retained PJT Partners LP as financial advisors and Alvarez &
Marsal North America, LLC as restructuring advisors. The Company
continues to retain Kirkland & Ellis LLP as its legal advisor
to assist the Audit Committee and management team with the
strategic review process.
On September 7, 2017, the Company borrowed approximately $88
million under its Amended and Restated Credit Agreement (the
“Revolving Credit Facility”), representing the remaining
undrawn amount available under the Revolving Credit Facility. As of
September 7, 2017, following the funding of this borrowing, the
aggregate principal amount of borrowings under the Revolving Credit
Facility were approximately $150.0 million, including letters of
credit, and the Company’s current cash balance was approximately
$145.0 million. The funds are intended to be used for general
corporate purposes.
About EXCO
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 the Appalachia region. EXCO’s headquarters are
located at 12377 Merit Drive, Suite 1700, Dallas, TX 75251.
Forward-Looking Statements
This release may contain forward-looking statements relating to
future financial results, business expectations and strategic and
financial alternatives and other 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: EXCO’s liquidity, sources of capital resources
and ability to implement or execute on any strategic or financial
initiatives, adjust its capital structure, or increase its
liquidity; the continued volatility of, or depressed prices in, the
oil and gas markets; the continued listing of EXCO’s common shares
on the NYSE; the estimates of reserves; availability and costs of
services and materials; commodity price changes; regulatory
changes; and general economic conditions. These and other 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 forward-looking statements.
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EXCO Resources, Inc.Tyler S. Farquharson, 214-368-2084Vice
President, Chief Financial Officer and Treasurerwww.excoresources.com