Exco Resources Inc., Dallas, (NYSE: XCO) reports its $1.175 billion in aggregate borrowing base commitments due 2012 and the $1.3-billion revolving credit agreement due 2012 of Exco Operating Co. LP have been reaffirmed by its bank group, 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 NA. 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. For 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.
Exco chief executive Douglas H. Miller says, “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 has oil and gas operations primarily in Texas, Louisiana, Ohio, Oklahoma, Pennsylvania and West Virginia.
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