EXCO Resources Completes Acquisition of Winchester Energy
EXCO Resources has completed its acquisition of Winchester Energy Company, Ltd. and its affiliated entities from Progress Energy, Inc. for approximately $1.16 billion, subject to certain contractual closing and post-closing adjustments.
EXCO financed the acquisition of Winchester Energy and its affiliated entities, which own properties located in East Texas and North Louisiana, with borrowings by EXCO Partners, LP, its indirect, wholly-owned subsidiary, under a $650 million term loan facility and a new revolving credit facility. EXCO also completed the contribution of its East Texas assets to EXCO Partners, LP.
EXCO Resources, Inc. is an oil and natural gas acquisition, exploitation, development and production company headquartered in Dallas, Texas with principal operations in Texas, Colorado, Louisiana, Ohio, Oklahoma, Pennsylvania and West Virginia.
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