EXCO RESOURCES, INC. (NYSE:XCO) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a RegistrantItem 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On September7, 2017, EXCO Resources, Inc. (the “Company”) borrowed approximately $88 million under its Amended and Restated Credit Agreement, dated as of July31, 2013,by and among the Company, as borrower, certain of its subsidiaries, as guarantors, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent (as amended from time to time, the “Revolving Credit Facility”), representing the remaining undrawn amount available under the Revolving Credit Facility. These funds are intended to be used for general corporate purposes.
As of September7, 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.These new borrowings initially bear interest at 6.50%.
For additional information about the Revolving Credit Facility, see the applicable discussions under Item 2.03 of our Current Reports on Form 8-K filed with the Securities and Exchange Commission on August23, 2013,September4, 2013,July18, 2014,October27, 2014,February12, 2015,July28, 2015,October22, 2015 and March15, 2017, which such discussions of the Revolving Credit Facility and its amendments are incorporated herein by reference.
Item 2.03 Other Events.
On September7, 2017, the Company issued a press release announcing the borrowing under the Revolving Credit Facility and the retention of PJT Partners LP and Alvarez& Marsal North America, LLC to advise as to strategic alternatives related to the Company’s capital structure. The Company retained Kirkland& Ellis, LLP in mid-2016 and plans to continue the engagement for the purposes of evaluating strategic alternatives. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
Item 2.03 Financial Statements and Exhibits.
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| Exhibit99.1 | Press release, dated September 7, 2017, issued by EXCO Resources, Inc. |
EXCO RESOURCES INC ExhibitEX-99.1 2 d448716dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 EXCO Resources,…To view the full exhibit click here
About EXCO RESOURCES, INC. (NYSE:XCO)
EXCO Resources, Inc. (EXCO) is an oil and natural gas company. The Company is engaged in the exploration, exploitation, acquisition, development and production of onshore United States oil and natural gas properties with a focus on shale resource plays. The Company’s principal operations are conducted in certain United States oil and natural gas areas, including Texas, Louisiana and the Appalachia region. The Company holds acreage positions in approximately three shale plays in the United States, including East Texas and North Louisiana, South Texas and Appalachia. In East Texas and North Louisiana, the Company holds approximately 83,800 net acres in the Haynesville and Bossier shales. In South Texas, it holds approximately 65,800 net acres in the Eagle Ford shale. In Appalachia, the Company holds approximately 137,400 net acres prospective in the Marcellus shale.
