EXCO RESOURCES, INC. (NYSE:XCO) Files An 8-K Entry into a Material Definitive Agreement
Item1.01 Entry into a Material Definitive Agreement.
As previously reported, on September1, 2016, EXCO Resources, Inc.
(the Company) entered into a limited consent (the Fall Limited
Consent) by and among the Company, certain of its subsidiaries,
as guarantors, JPMorgan Chase Bank, N.A., as administrative agent
(the Administrative Agent), and the lenders (the Lenders) party
to the Companys Amended and Restated Credit Agreement, dated as
of July31, 2013, as amended (the Credit Agreement), to which the
Administrative Agent and the Lenders agreed to, among other
things, postpone the scheduled redetermination of the borrowing
base under the Credit Agreement (the Borrowing Base) from
September1, 2016 to November1, 2016. Under the Fall Limited
Consent, the aggregate commitments were temporarily reduced to
$300 million; provided that the existing Borrowing Base of $325
million was permitted to be used for purposes of calculating the
Consolidated Current Ratio (as defined in the Credit Agreement)
for the fiscal quarter ending September30, 2016.
On December30, 2016, the Company entered into a limited consent
by and among the Company, certain of its subsidiaries, as
guarantors, the Administrative Agent, and the Lenders party to
the Credit Agreement (the Winter Limited Consent). to the Winter
Limited Consent, the Administrative Agent and the Lenders agreed
to, among other things, further postpone the scheduled
redetermination of the Borrowing Base from November1, 2016 to
February1, 2017. Under the Winter Limited Consent, the aggregate
commitments under the Credit Agreement were temporarily reduced
to $285 million; provided that the Company is permitted to use
the Aggregate Unused Commitments (as defined in the Credit
Agreement) for purposes of calculating the Consolidated Current
Ratio for each of the fiscal quarters ending on September30, 2016
and December31, 2016. As of December30, 2016, the Company had
approximately $228.6 million drawn under the Credit Agreement.
The foregoing description of the Fall Limited Consent is a
summary and is qualified in its entirety by the full text of the
Fall Limited Consent, a copy of which is attached as Exhibit
10.44 to the Companys Quarterly Report on Form 10-Q for the
quarter ended September30, 2016 and was filed with the Securities
and Exchange Commission on November2, 2016. The foregoing
description of the Winter Limited Consent is a summary and is
qualified in its entirety by the full text of the Winter Limited
Consent, a copy of which is attached as Exhibit 10.1 to this
Current Report on Form 8-K and is incorporated by reference
herein.
Section2 Financial Information
Item2.02 Results of Operations and Financial
Condition.
The information set forth in Item1.01 concerning the amount that
the Company had drawn under its Credit Agreement as of
December30, 2016 is incorporated by reference herein.
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Section9 Financial Statements and
Exhibits
Item9.01 Financial Statements and Exhibits.
(d) Exhibits.
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| 10.1 |
Limited Consent, dated as of December 30, 2016, among EXCO Resources, Inc., as Borrower, certain subsidiaries of Borrower, as Guarantors, the lender parties thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent. |
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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. EXCO RESOURCES, INC. (NYSE:XCO) Recent Trading Information
EXCO RESOURCES, INC. (NYSE:XCO) closed its last trading session down -0.035 at 0.915 with 1,323,198 shares trading hands.