Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/exco-resources-announces-successful-consent-solici.shtmlEXCO Resources announces successful consent solicitation
EXCO Resources, Inc. has obtained the requisite consents to approve the proposed amendments on its previously announced consent solicitation to amend the indenture governing its 7.500% senior notes
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EXCO Resources, Inc. has obtained the requisite consents to approve the proposed amendments on its previously announced consent solicitation to amend the indenture governing its 7.500% senior notes due 2018 (the “Notes”), which expired at 5:00 p.m., New York City Time, on November 24, 2015 (the “Expiration Date”).
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 Notes, which became operative on November 25, 2015.
The new supplemental indenture: (i) eliminates the reduction in the amount of secured indebtedness permitted under EXCO’s credit facilities upon principal payments which result in a permanent reduction in borrowing capacity of EXCO and its subsidiaries, and (ii) 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.
