DALLAS--(BUSINESS WIRE)--Apr. 20, 2009--
EXCO Resources, Inc. (NYSE: XCO) today announced that its bank group
completed a semi-annual review of the borrowing bases under its
revolving credit agreements. The lenders reaffirmed the aggregate
borrowing base commitments under the EXCO Resources, Inc. revolving
credit agreement and the EXCO Operating Company, LP revolving credit
agreement of $1.175 billion and $1.3 billion, respectively, resulting in
an aggregate borrowing base equal to $2.475 billion. The credit
facilities are provided by a syndicate of 34 banks led by JP Morgan
Chase Bank, N.A. In connection with the reaffirmation, EXCO agreed to
amend each of the credit facilities to provide a 75 basis point increase
to the interest rate spread. With respect to any Eurodollar loan, the
interest rate spread previously ranged from 100 to 175 basis points and
now ranges from 175 to 250 basis points depending upon borrowing base
usage. With respect to any alternate base rate loan, the interest rate
spread previously ranged from 0 to 75 basis points and now ranges from
75 to 150 basis points depending upon borrowing base usage. The maturity
date for each of the credit facilities is March 30, 2012.
Douglas H. Miller, EXCO’s Chief Executive Officer commented, “EXCO’s
growth over the last several years would not have been possible without
the support of our bank group. Their continued support during these
uncertain times, as evidenced by this reaffirmation, is truly
appreciated.”
EXCO Resources, Inc. is an oil and natural gas acquisition,
exploitation, development and production company headquartered in
Dallas, Texas with principal operations in Texas, Louisiana, Ohio,
Oklahoma, Pennsylvania and West Virginia.
Additional information about EXCO Resources, Inc. may be obtained by
contacting EXCO’s President, Stephen F. Smith, at EXCO’s headquarters,
12377 Merit Drive, Suite 1700, Dallas, TX 75251, telephone number (214)
368-2084, or by visiting EXCO’s website at http://www.excoresources.com.
EXCO’s SEC filings and press releases can be found under the Investor
Relations tab.
Source: EXCO Resources, Inc.
EXCO Resources, Inc.
Stephen F. Smith, 214-368-2084
President
