Exco Resources Targets 18% Reduction in Debt Load With Loan Plan
- Company to issue $591 million in senior secured 2nd-lien loans
- Oil, gas producer seeks flexibility amid slump in commodities
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Exco Resources Inc. is overhauling its corporate-debt structure with a series of transactions it says will increase its financial flexibility.
The Dallas-based oil and gas producer is planning to issue $591 million in secured second-lien term loans to reduce its total net debt by about 18 percent, or $270 million, the company said in a statement.