EXCO Resources, Inc. has closed the funding of its previously announced 12.5% Senior Secured Second Lien Term Loan in the aggregate principal amount of approximately $109 million (the “Exchange Term Loan”).

Simultaneously with the funding of the Exchange Term Loan and pursuant to a series of purchase agreements, the Company completed its previously announced repurchase (the “Note Repurchase”) of an aggregate principal amount of approximately $175 million of 2018 Notes and an aggregate principal amount of approximately $76 million of 2022 Notes.

The proceeds of the Exchange Term Loan were deemed to be used to complete the Note Repurchase and the Notes repurchased will be cancelled by the trustee following customary settlement procedures.

Tags: EXCO Resources