Exco gets amended and restated credit facility

By Sara Rosenberg

New York, March 23 - Exco Resources Inc. closed on an amended and restated credit facility that established a new borrowing base of $750 million and extended the maturity to Dec. 31, 2010, according to an 8-K filed with the Securities and Exchange Commission Thursday.

J.P. Morgan Securities Inc. acted as bookrunner and lead arranger on the deal, which was completed on March 17.

Borrowings can carry an interest ranging from Libor plus 100 to 175 basis points, depending on use.

Financial covenants include a consolidated current ratio of at least 1.0 to 1.0 at the end of any fiscal quarter and a maximum ratio of consolidated debt to consolidated EBITDAX of 3.5 to 1.0 at the end of each fiscal quarter.

Exco is Dallas-based independent energy company.

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