DALLAS -- (Business Wire)
EXCO Resources, Inc. (NYSE:XCO) (“EXCO”) today announced the final
results and expiration of the previously announced cash tender offer
(the “Tender Offer”) for EXCO’s outstanding 7.500% Senior Notes due 2018
(the “2018 Notes”) and EXCO’s outstanding 8.500% Senior Notes due 2022
(the “2022 Notes” and together with the 2018 Notes, the “Notes”) and the
consent solicitation (the “Consent Solicitation”) to amend certain terms
of the indenture governing the 2022 Notes (the “2022 Notes Indenture”).
The following table sets forth the original outstanding principal amount
of Notes included in the Tender Offer, the principal amount of Notes
tendered and not withdrawn as of 11:59 p.m., New York City time, on
August 23, 2016 (the “Expiration Time”) and the principal amount
accepted for purchase. The aggregate principal amount of Notes accepted
for purchase has not changed since the early tender and consent deadline
of August 9, 2016.
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Title of Security |
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| CUSIP and ISIN Numbers |
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| Principal Amount Outstanding |
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| Acceptance Priority Level |
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| Aggregate Principal Amount Tendered and
Not Withdrawn |
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| Aggregate Principal Amount Accepted for
Purchase |
8.500% Senior Notes due 2022 (“2022 Notes”)
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269279AE5 US269279AE58
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$171,432,000
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1
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$119,299,000
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$101,263,000
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7.500% Senior Notes due 2018 (“2018 Notes”)
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269279AD7 US269279AD75
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$131,576,000
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2
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$23,475,000
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|
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$0
|
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All Notes validly tendered and not validly withdrawn pursuant to the
Tender Offer at or prior to the early tender and consent payment
deadline of 5:00 p.m., New York City time, on August 9, 2016 (the “Early
Tender/Consent Only Deadline”) were subject to proration and settled by
EXCO on August 12, 2016. As a result of the Tender Offer being
oversubscribed at the Early Tender/Consent Only Deadline, no Notes
tendered after the Early Tender/Consent Only Deadline were accepted for
purchase. Notes tendered and not accepted for purchase will be promptly
returned or credited to the applicable holders' account.
As previously announced on August 10, 2016, following the receipt of the
requisite consents to the proposed amendments, EXCO entered into a
supplemental indenture effecting the proposed amendments with respect to
the indenture governing the 2022 Notes, which became operative on August
12, 2016. The new supplemental indenture amends the definition of
“Credit Facilities” in the indenture to include debt securities as a
permitted form of additional secured indebtedness, in addition to the
term loans and other credit facilities currently permitted.
Credit Suisse Securities (USA) LLC acted as Dealer Manager for the
Tender Offer and Solicitation Agent for the Consent Solicitation, and
D.F. King & Co., Inc. acted as the Information Agent, Tabulation Agent
and Tender Agent for the Tender Offer and the Consent Solicitation.
This announcement does not constitute an offer to purchase Notes or a
solicitation of an offer to sell Notes and shall not be deemed to be an
offer to purchase or a solicitation of an offer to sell with respect to
any securities of EXCO or its subsidiaries.
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.
Additional information about EXCO Resources, Inc. may be obtained by
contacting Tyler Farquharson, EXCO’s Vice President of Strategic
Planning, at EXCO’s headquarters, 12377 Merit Drive, Suite 1700, Dallas,
TX 75251, telephone number (214) 368-2084, or by visiting EXCO’s website
at www.excoresources.com.
EXCO’s Securities and Exchange Commission (“SEC”) filings and press
releases can be found under the Investor Relations tab.
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
ability to implement or execute on any strategic or financial
alternatives, adjust its capital structure, or increase its liquidity;
continued volatility of, or depressed prices in, the oil and gas
markets; future capital requirements and availability of financing,
including reductions to EXCO’s borrowing base and limitations on its
ability to incur certain types of indebtedness under its debt
agreements; EXCO’s ability to meet its current and future debt service
obligations, including its ability to maintain compliance with its debt
covenants; cash flow and liquidity; estimates of reserves and economic
assumptions, including estimates related to acquisitions and
dispositions of oil and natural gas properties and general economic
conditions, including costs associated with drilling and operations of
EXCO’s properties. These and other risk 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160824005331/en/
Contacts:
EXCO Resources, Inc.
Tyler Farquharson, 214-368-2084
Vice
President of Strategic Planning
www.excoresources.com
Source: EXCO Resources, Inc.
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