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EXCO Resources to get debt financing for buyout bid by Miller
By Sara Rosenberg
New York, Nov. 1 - EXCO Resources Inc. would get third-party debt financing, as needed, to help fund its buyout bid by chairman and chief executive officer Douglas H. Miller, according to a news release.
The remaining funds necessary to complete the transaction would come from senior management and outside investment partners.
Miller is offering to purchase all of the outstanding shares of stock of the company that he does not already own for $20.50 per share in cash.
In a letter to EXCO, Miller said that he has preliminarily discussed this proposal with Oaktree Capital Management LP, Ares Management LLC and Boone Pickens, and each has expressed an interest in pursuing the acquisition with him.
JPMorgan and Goldman Sachs are acting as financial advisers to Miller on this transaction.
The company plans on establishing a special committee of the board to consider the buyout proposal.
EXCO is a Dallas-based oil and natural gas company.
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