EXCO RESOURCES, INC. (NYSE:XCO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On September20, 2017, each of B. James Ford and Samuel A. Mitchell delivered a letter to EXCO Resources, Inc. (the “Company”) stating that they each resigned from their respective positions as members of the Company’s Board of Directors (the “Board”), effective as of September 20, 2017. At the time of their respective resignations, neither Mr.Ford nor Mr.Mitchell was a member of any committee of the Board. The resignations of Mr.Ford and Mr.Mitchell were not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
Section7 – Regulation FD
|Item 5.02||Regulation FD Disclosure.|
On September 20, 2017, the Company issued a press release announcing the resignations of Mr.Ford and Mr.Mitchell and the payment of the interest due on its 1.5 Lien Notes (as defined below) and 1.75 Lien Term Loans (as defined below) in additional 1.5 Lien Notes and 1.75 Lien Term Loans, respectively. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
In accordance with General Instruction B.2 of Form 8-K, the information furnished to Item 5.02 (including the information in Exhibit 99.1) shall not be deemed to be “filed” for purposes of Section18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Section8 – Other Events
On September20, 2017, the Company made the interest payments due on its 8.0%/11.0% 1.5 Lien Senior Secured PIK Toggle Notes due 2022 (the “1.5 Lien Notes”) and its 1.75 Lien Term Loans (the “1.75 Lien Term Loans”) in the form of additional 1.5 Lien Notes and 1.75 Lien Term Loans with an aggregate principal amount of approximately $43.2million, consisting of approximately $17.0million aggregate principal amount of additional 1.5 Lien Notes and approximately $26.2million aggregate principal amount of additional 1.75 Lien Term Loans, respectively.
For additional information about the indenture governing the 1.5 Lien Notes and the credit agreement governing the 1.75 Lien Term Loan, see the applicable discussions under Item 5.02 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March15, 2017, which is incorporated herein by reference.
Section9 – Financial Statements and Exhibits
|Item 5.02.||Financial Statements and Exhibits.|
EXCO RESOURCES INC ExhibitEX-99.1 2 d457193dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 EXCO Resources,…To view the full exhibit click
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.