Oil and natural gas exploration company, EXCO Resources, has secured an increase in its borrowing base to $1.5 billion from $1 billion from its revolving credit agreement lenders. The interest rate has also been decreased by 50 basis points.
The Texas-based company has also acquired an extension of the loan’s maturity date to April 1, 2016 from April 30, 2014. EXCO has drawn about $679 million from its credit agreement to date.
Click here for the release from Business Wire.