EXCO Resources Inc. (NYSE: XCO) reported a series of transactions to improve capital structure on March 15. They include a note issuance and an exchange of term loans.There was issuance of $300 million in senior secured 1.5 lien notes due March 20, 2022. They were issued to affiliates of Fairfax Financial Holdings Ltd., Energy Strategic Advisory Services LLC (ESAS), Oaktree Capital Management LP and an unaffiliated investor.The proceeds from the issuance repaid the outstanding amount under EXCO’s credit agreement, transaction fees and expenses, and general corporate purposes. The credit agreement was amended, reducing the borrowing base to $150 million, permitting the notes and loans issuance and modifying certain financial covenants.
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