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Moody's rates EXCO notes B3
Moody's Investors Service assigned a B3 rating to EXCO Resources, Inc.'s proposed $750 million senior unsecured notes due 2018.
The outlook remains positive.
Proceeds will be used to repay its 7¼% senior unsecured notes due 2011 with the remaining proceeds used to reduce the outstanding balance under its senior secured revolving credit facility.
The new note offering addresses a near term senior note maturity of $445 million.
"Over the last 18 months, EXCO has rationalized its portfolio of properties, reduced debt by over $2 billion, and positioned the company financially to be able to develop of its highly prospective shale gas acreage positions," Stuart Miller, a Moody's vice president, said in a statement.
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