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Prospect News home > News index > List of issuers E > Headlines for EXCO Resources, Inc. > News item |
EXCO buys $5,000 7¼% notes in asset sale offer
New York, Dec. 7 - EXCO Resources, Inc. said it bought $5,000 of its 7¼% senior notes due 2011 in its asset-sale tender offer for the securities. A change-of-control offer, meanwhile, continues.
The asset-sale offer expired at 5 p.m. ET on Dec. 2.
As announced on Nov. 2, EXCO was offering to buy up to $120.6 million of the notes using the cash remaining from the sale of Addison Energy Inc. completed earlier in the year.
The price was par plus accrued interest up to but excluding the settlement date.
In the change-of-control offer, EXCO is offering to buy all $450 million of the notes at a price of 101% of par plus accrued interest up to but excluding the settlement date.
The offer is required following the acquisition of EXCO's parent EXCO Holdings Inc. by EXCO Holdings II, Inc. on Oct. 3.
Expiration is 5 p.m. ET on Dec. 9.
Wilmington Trust Co. is paying agent for both offers (302 636-6470).
EXCO is a Dallas-based oil and natural gas exploration and production company.
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