EXCO Agrees To Credit Facility Interest Hike

DALLAS (AP) — Oil and natural gas company EXCO Resources Inc. said Monday it has agreed to an interest increase for its borrowing base of nearly $2.48 billion, following a semiannual review of its credit agreements.

The interest rate spread for any Eurodollar loan now ranges from 175 to 250 basis points depending upon how much the company draws on the credit. It previously ranged from 100 to 175 basis points.

The interest rate spread on any alternate base rate loan now ranges from 75 to 150 basis points, while it previously ranged from 0 to 75 basis points. One basis point is equal to one one-hundredth of a percent.

EXCO's lenders reaffirmed the company's revolving credit agreements of $1.18 billion and $1.3 billion.

The credit facilities, which mature on March 30, 2012, are provided by a syndicate of 34 banks led by JPMorgan Chase.