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EXCO Resources to draw on facility for Common Resources purchase
By Sara Rosenberg
New York, April 21 - EXCO Resources Inc. plans to use borrowings under its credit facility to fund the joint acquisition of Common Resources LLC, according to a news release.
EXCO is purchasing 50% of Common Resources for $223 million, subject to customary purchase price adjustments, and BG Group plc is purchasing the other 50%.
The total value of the transaction is about $446 million in cash.
Closing is expected to take place on May 12.
EXCO is a Dallas-based oil and natural gas exploration, exploitation, development and production company. Common Resources owns producing assets, gathering lines and acreage in Texas.
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