(Market Cap $1.2B)
EXCO Resources, Inc. intends to conduct a rights offering, which will allow the company to raise equity capital through the sale of its common shares. Certain terms of the rights and the record date to determine those shareholders entitled to receive the rights will be announced at a later date.
In connection with this offering, the Company anticipates that it will distribute, at no charge, to its common shareholders, one subscription right for every four shares of common stock held of record as of the record date (currently approximately 54.6 million rights).
Each subscription right will entitle the holder thereof to purchase one common share at a cash subscription price of $5.00 per share. If all of the rights are exercised, the Company would raise approximately $272.9 million. The Company currently plans to distribute transferable rights that will be listed on the New York Stock Exchange.
The distribution of the rights and the commencement of the rights offering may occur only after a registration statement to be filed by the Company with the Securities and Exchange Commission (“SEC”) becomes effective.
EXCO Resources, Inc. is an oil and natural gas exploration, exploitation, development and production company headquartered in Dallas, Texas with principal operations in Texas, North Louisiana and Appalachia.