EXCO Resources Inc (NYSE:XCO) Announces Pricing Of Its $500 M Senior Notes Offer


Dallas, Texas 04/14/2014 (FINANCIALSTRENDS) –  EXCO Resources Inc (NYSE:XCO) announced on 11th April, pricing of its senior notes offer, as a follow up to its 7th April announcement about the offer. The senior notes are scheduled to mature in 2022 and will attract interest component of 8.5 percent. The exercise is expected to net the firm close to $500 million, part of which, it would be using to retire term debt ahead of schedule and use the rest for reducing its exposure to revolving credit lien. The notes offer is expected to close on 16th April.

The oil and gas mining firm has retained the services of “J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and BMO Capital Markets Corp” as its book running associates for this exercise. On the price of the offer becoming public, the stock of the company fell by 4.5 percent during trading on 11th April.

The move to raise funds through the senior notes issue to retire term loans, comes on the heels of EXCO Resources Inc (NYSE:XCO) board of directors appointing Richard A. Burnett as its Chief Accounting Officer. At the time of the appointment announcement, firms Chairman Jeff Benjamin has been quoted to have said that,  “We are pleased that Ricky Burnett is taking on the role of Chief Accounting Officer at EXCO. Ricky’s extensive public accounting and industry expertise make him a natural fit as EXCO’s new Chief Accounting Officer.”

In a related announcement, EXCO Resources Inc (NYSE:XCO) has disclosed that it has set 29th April for releasing its first quarter results. The analyst estimates peg the earnings from the first quarter to come in at $0.04 per share and is expected to restate its previously announced proven reserves estimate of 1.1 trillion cubic feet.

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