EXCO RESOURCES, INC. (NYSE:XCO) Files An 8-K Entry into a Material Definitive Agreement

EXCO RESOURCES, INC. (NYSE:XCO) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.

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Amendment to Credit Agreement

On September29, 2017, EXCO Resources, Inc. (“EXCO”), certain subsidiaries of EXCO, JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), and the banks party thereto (collectively, with the Administrative Agent, the “Lenders”) entered into the Limited Waiver and Eighth Amendment to Amended and Restated Credit Agreement (the “Amendment”), amending EXCO’s Amended and Restated Credit Agreement, dated as of July31, 2013 (as amended, the “Credit Agreement”).

The Amendment provides the Lenders will waive a potential event of default under the Credit Agreement which may result because of EXCO’s potential failure to comply with the Credit Agreement financial covenant which requires the ratio of aggregate revolving credit exposure to consolidated EBITDAX for the four preceding consecutive fiscal quarters not to exceed 1.2 to 1.0 as of the last day of the fiscal quarter ending September30, 2017.

The Amendment also increases the maximum aggregate balance of deposit accounts maintained at financial institutions (other than the Administrative Agent) from $250,000 to $1,000,000. In addition, the Amendment increases the applicable interest rate for borrowings under the Credit Agreement by 0.25%per annum.

The Amendment is filed as Exhibit 10.1 to this report and is incorporated by reference herein. The foregoing summary does not purport to be complete and is qualified in its entirety by reference to the Amendment.

Item 1.01. Financial Statements and Exhibits.

The exhibits listed below are filed herewith.


EXCO RESOURCES INC Exhibit
EX-10.1 2 d470498dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 EXECUTION VERSION LIMITED WAIVER AND EIGHTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT THIS LIMITED WAIVER AND EIGHTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (hereinafter referred to as the “Amendment”) is dated as of September 29,…
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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.

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