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EXCO Resources talks $400 million eight-year notes to yield 8%-8¼%; pricing Friday
By Paul A. Harris
Portland, Ore., April 11 - EXCO Resources, Inc. talked its $400 million offering of eight-year senior notes (B3/BB-/) to yield 8% to 8¼%, according to a market source.
The deal is set to price Friday.
J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BofA Merrill Lynch and BMO Capital Markets are the joint bookrunners for the public offering.
Credit Suisse Securities (USA) LLC, ING, Natixis Securities and UBS Investment Bank are the senior co-managers.
Capital One Securities, CIT Capital Securities, Deutsche Bank Securities Inc. and Goldman Sachs & Co. are the co-managers.
The notes come with three years of call protection.
The Dallas-based oil and gas company plans to use the proceeds to repay the $297.8 million term loan and a portion of the revolver used to fund the acquisition of the Chesapeake Properties in July 2013 and for general corporate and working capital purposes.
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