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<TITLE>Form 8-K</TITLE>
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<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of report (Date of earliest event reported): October&nbsp;16, 2013 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>EXCO RESOURCES, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Texas</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>001-32743</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>74-1492779</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>12377 Merit Drive</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Suite 1700, LB 82</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Dallas,
Texas</B></P></TD>
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<TD VALIGN="top" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (214)&nbsp;368-2084 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or former address, if changed since last report): Not applicable </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Section&nbsp;1- Registrant&#146;s Business and Operations </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;1.01 Entry Into a Material Definitive Agreement. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contribution Agreement </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On
October&nbsp;16, 2013, EXCO Operating Company, LP (&#147;EXCO&#148;), a Delaware limited partnership and a wholly-owned, indirect subsidiary of EXCO Resources, Inc., BG US Gathering Company, LLC (&#147;BG&#148;, and together with EXCO,
&#147;Sellers&#148;), a Delaware limited liability company, and Azure Midstream Holdings LLC (&#147;Buyer&#148;), a Delaware limited liability company, entered into a Contribution Agreement (the &#147;Contribution Agreement&#148;), pursuant to which
BG and EXCO will each convey to Buyer their respective 50% membership interests in TGGT Holdings, LLC (&#147;TGGT&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">TGGT is the
East Texas/North Louisiana midstream joint venture organized by EXCO and BG in 2009. TGGT is the parent company of TGGT GP Holdings, LLC, a Delaware limited liability company, TGG Pipeline, Ltd., a Texas limited partnership, and Talco Midstream
Assets, Ltd., a Texas limited partnership (collectively with TGGT, the &#147;Midstream Companies&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Buyer is a newly formed entity
that is affiliated with a private equity fund managed by Energy Spectrum Capital and Azure Midstream Company LLC. Prior to the execution of the Contribution Agreement, Buyer delivered debt and equity commitments to Sellers that provide, subject to
certain customary conditions, funds necessary for the consummation of the transaction contemplated by the Contribution Agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Consideration
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the Contribution Agreement, at the closing, Sellers will convey TGGT and its subsidiaries to Buyer in exchange for total
consideration in the amount of (i)&nbsp;$910,000,000 plus (ii)&nbsp;an amount equal to the working capital of the Midstream Companies as of the closing less (iii)&nbsp;the total outstanding indebtedness of the Midstream Companies as of the closing
(the &#147;Consideration&#148;). The Consideration is subject to customary closing and post-closing adjustments. The Consideration will be paid to the Sellers through the issuance to each Seller of an equity interest in the Buyer valued at
$16,750,000 (i.e., $33,500,000 combined to the Sellers) and with the remainder being paid in cash. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is anticipated that EXCO will
receive approximately $230 million in net cash proceeds at the closing, after expected closing adjustments, fees and transaction expenses, and that the equity interest issued to EXCO at the closing will be equal to or less than 4% of the total
outstanding equity interests of the Buyer as of the closing date. Each Seller will be granted an option to acquire an additional equity interest in the Buyer equal in amount to the equity interest issued to each Seller at closing. The exercise price
will equal $16,750,000 plus a premium that increases over time. The option has a one year term. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Representations and Warranties; Covenants; Indemnities
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Contribution Agreement contains customary representations and warranties, covenants and indemnities by Sellers and Buyer. Except
for liabilities relating to inaccuracies of certain fundamental representations made by EXCO in the Contribution Agreement, from and after the closing, EXCO&#146;s liability relating to the Contribution Agreement is capped at $91,000,000. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Conditions to Closing </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Contribution
Agreement contains a number of conditions that must be satisfied before Sellers and Buyer have the obligation to effect the closing, including: the accuracy of each parties&#146; respective representations and warranties; compliance by each party
with their respective covenants under the Contribution Agreement; the absence of injunctions or certain suits or actions; the receipt of certain consents; and the receipt of debt financing by Buyer in an amount of at least $525,000,000. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Termination of Contribution Agreement </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Contribution Agreement can be terminated upon the occurrence of certain events, including if the Closing has not occurred on or prior to
December&nbsp;2, 2013. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Contribution Agreement is terminated as a result of either (i)&nbsp;a breach by Buyer of its covenants or
obligations under the Contribution Agreement which result in a failure of Seller&#146;s conditions to closing to be satisfied or (ii)&nbsp;a failure of Buyer to obtain the debt and/or equity financing, then Buyer is required to pay to each Seller a
termination fee of $2,000,000 (i.e., $4,000,000 combined to the Sellers). Except for the termination fee described above, Sellers have no other recourse against Buyer, its affiliates and its financing sources if Buyer breaches the Contribution
Agreement or otherwise fails to close (including if Buyer is unable to close because it is unable to obtain debt and equity financing). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Minimum Volume
Commitment </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At the closing of the Contribution Agreement, the Sellers will commit, during the 5 year period beginning on
December&nbsp;1, 2013 to November&nbsp;30, 2018, to deliver to TGGT&#146;s gathering systems a combined total minimum volume of 600,000 MMBtu/day of natural gas production from the Holly and Shelby fields. The minimum volume commitment may be
satisfied with (i)&nbsp;production of the Sellers and each of their respective affiliates, (i)&nbsp;production of joint venture partners of either Seller or their affiliates, and (iii)&nbsp;production of non-operating working interest owners to the
extent a Seller, its affiliates or its joint venture partner controls such production. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If there is a shortfall to the minimum volume
commitment in any year, then each Seller is severally responsible for paying to TGGT a shortfall payment in an amount equal to (x)&nbsp;the amount of the shortfall (calculated on an annualized basis) times (y)&nbsp;$.40 per MMBtu. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Sellers are entitled to credit 25% of any production volumes delivered in excess of the minimum volume commitment during any year to the
subsequent year. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Non-Competition Agreement </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At the closing of the Contribution Agreement, each Seller has also agreed to enter into a customary non-competition and non-solicitation
agreement with Buyer pursuant to which such Seller will agree, among other things, not to compete with TGGT in certain situations in the East Texas counties of San Augustine, Nacogdoches, Shelby, Harrison, Panola and Rusk and the North Louisiana
parishes of Desoto, Caddo, Bossier and Red River. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing description of the Contribution Agreement does not purport to be complete
and is qualified in its entirety by reference to the full text of the Contribution Agreement, which is filed as Exhibits 10.1 and incorporated herein by reference. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Contribution Agreement has been provided solely to inform investors of its terms. The representations, warranties and covenants contained
in the Contribution Agreement were made only for purposes of such agreement and as of specific dates, were made solely for the benefit of the parties to the Contribution Agreement and may be intended not as statements of fact, but rather as a way of
allocating the risk to one of the parties if those statements prove to be inaccurate. In addition, such representations, warranties and covenants may have been qualified by certain disclosures not reflected in the text of the Contribution Agreement,
and may be subject to standards of materiality applicable to contracting parties that differ from what may be viewed as material by shareholders of, or other investors in, EXCO. Investors are not third-party beneficiaries under the Contribution
Agreement and should </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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not rely on the representations, warranties and covenants or any descriptions thereof as characterizations of the actual state of facts or condition of EXCO or any of its respective subsidiaries
or affiliates. The assertions embodied in the representations and warranties of EXCO are qualified by information contained in the confidential disclosure schedules delivered in connection with signing the Contribution Agreement as well as by
information contained in certain of EXCO&#146;s public filings. Information concerning the subject matter of such representations and warranties may change after the date of the Contribution Agreement, which subsequent information may or may not be
fully reflected in the parties&#146; public disclosures. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Use of Proceeds </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Assuming that the Contribution Agreement is closed, EXCO anticipates using the cash proceeds from the transaction to repay borrowings under its
credit agreement and pay certain transaction expenses. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Section&nbsp;7 &#150; Regulation FD </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;7.01 Regulation FD Disclosure. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On October&nbsp;17, 2013, EXCO issued a press release announcing, among other things, the signing of the Contribution Agreement, a copy of
which is furnished as Exhibit 99.1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In accordance with general instruction B.2 to Form 8-K, information contained in Exhibit 99.1 is
being &#147;furnished&#148; and not &#147;filed&#148; with the Securities and Exchange Commission for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, and such information shall not be deemed incorporated by reference in any
filing under the Securities Act of 1933. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Section&nbsp;9&#151;Financial Statements and Exhibits </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01 Financial Statements and Exhibits. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B>(d) Exhibits. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP>10.1</TD>
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<TD VALIGN="top">Contribution Agreement, dated as of October&nbsp;16, 2013, among BG US Gathering Company, LLC, EXCO Operating Company, LP and Azure Midstream Holdings LLC.</TD></TR>
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<TD VALIGN="top" NOWRAP>99.1</TD>
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<TD VALIGN="top">Press Release, dated October&nbsp;17, 2013.</TD></TR>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="3">EXCO RESOURCES, INC.</TD></TR>
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<TD VALIGN="top">Date: October&nbsp;22, 2013</TD>
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<TD VALIGN="bottom">By:</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Mark F. Mulhern</P></TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mark F. Mulhern</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executive Vice President,
Chief Financial Officer</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">and Interim Chief Accounting Officer</P></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:26.20pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Exhibit<BR>Number</P></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:37.25pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Description</P></TD></TR>


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<TD VALIGN="top" NOWRAP>10.1</TD>
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<TD VALIGN="top">Contribution Agreement, dated as of October&nbsp;16, 2013, among BG US Gathering Company, LLC, EXCO Operating Company, LP and Azure Midstream Holdings LLC.</TD></TR>
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<TD VALIGN="top" NOWRAP>99.1</TD>
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<TD VALIGN="top">Press Release, dated October 17, 2013.</TD></TR>
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Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): October 16, 2013
EXCO RESOURCES, INC.
(Exact name of registrant as specified in its charter)
Texas
001-32743
74-1492779
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
12377 Merit Drive
Suite 1700, LB 82
Dallas,
Texas
75251
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: (214) 368-2084
(Former name or former address, if changed since last report): Not applicable
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Section 1- Registrant's Business and Operations
Item 1.01 Entry Into a Material Definitive Agreement.
Contribution Agreement
On
October 16, 2013, EXCO Operating Company, LP ("EXCO"), a Delaware limited partnership and a wholly-owned, indirect subsidiary of EXCO Resources, Inc., BG US Gathering Company, LLC ("BG", and together with EXCO,
"Sellers"), a Delaware limited liability company, and Azure Midstream Holdings LLC ("Buyer"), a Delaware limited liability company, entered into a Contribution Agreement (the "Contribution Agreement"), pursuant to which
BG and EXCO will each convey to Buyer their respective 50% membership interests in TGGT Holdings, LLC ("TGGT").
TGGT is the
East Texas/North Louisiana midstream joint venture organized by EXCO and BG in 2009. TGGT is the parent company of TGGT GP Holdings, LLC, a Delaware limited liability company, TGG Pipeline, Ltd., a Texas limited partnership, and Talco Midstream
Assets, Ltd., a Texas limited partnership (collectively with TGGT, the "Midstream Companies").
Buyer is a newly formed entity
that is affiliated with a private equity fund managed by Energy Spectrum Capital and Azure Midstream Company LLC. Prior to the execution of the Contribution Agreement, Buyer delivered debt and equity commitments to Sellers that provide, subject to
certain customary conditions, funds necessary for the consummation of the transaction contemplated by the Contribution Agreement.
Consideration
Pursuant to the Contribution Agreement, at the closing, Sellers will convey TGGT and its subsidiaries to Buyer in exchange for total
consideration in the amount of (i) $910,000,000 plus (ii) an amount equal to the working capital of the Midstream Companies as of the closing less (iii) the total outstanding indebtedness of the Midstream Companies as of the closing
(the "Consideration"). The Consideration is subject to customary closing and post-closing adjustments. The Consideration will be paid to the Sellers through the issuance to each Seller of an equity interest in the Buyer valued at
$16,750,000 (i.e., $33,500,000 combined to the Sellers) and with the remainder being paid in cash.
It is anticipated that EXCO will
receive approximately $230 million in net cash proceeds at the closing, after expected closing adjustments, fees and transaction expenses, and that the equity interest issued to EXCO at the closing will be equal to or less than 4% of the total
outstanding equity interests of the Buyer as of the closing date. Each Seller will be granted an option to acquire an additional equity interest in the Buyer equal in amount to the equity interest issued to each Seller at closing. The exercise price
will equal $16,750,000 plus a premium that increases over time. The option has a one year term.
Representations and Warranties; Covenants; Indemnities
The Contribution Agreement contains customary representations and warranties, covenants and indemnities by Sellers and Buyer. Except
for liabilities relating to inaccuracies of certain fundamental representations made by EXCO in the Contribution Agreement, from and after the closing, EXCO's liability relating to the Contribution Agreement is capped at $91,000,000.
Conditions to Closing
The Contribution
Agreement contains a number of conditions that must be satisfied before Sellers and Buyer have the obligation to effect the closing, including: the accuracy of each parties' respective representations and warranties; compliance by each party
with their respective covenants under the Contribution Agreement; the absence of injunctions or certain suits or actions; the receipt of certain consents; and the receipt of debt financing by Buyer in an amount of at least $525,000,000.
1
Termination of Contribution Agreement
The Contribution Agreement can be terminated upon the occurrence of certain events, including if the Closing has not occurred on or prior to
December 2, 2013.
If the Contribution Agreement is terminated as a result of either (i) a breach by Buyer of its covenants or
obligations under the Contribution Agreement which result in a failure of Seller's conditions to closing to be satisfied or (ii) a failure of Buyer to obtain the debt and/or equity financing, then Buyer is required to pay to each Seller a
termination fee of $2,000,000 (i.e., $4,000,000 combined to the Sellers). Except for the termination fee described above, Sellers have no other recourse against Buyer, its affiliates and its financing sources if Buyer breaches the Contribution
Agreement or otherwise fails to close (including if Buyer is unable to close because it is unable to obtain debt and equity financing).
Minimum Volume
Commitment
At the closing of the Contribution Agreement, the Sellers will commit, during the 5 year period beginning on
December 1, 2013 to November 30, 2018, to deliver to TGGT's gathering systems a combined total minimum volume of 600,000 MMBtu/day of natural gas production from the Holly and Shelby fields. The minimum volume commitment may be
satisfied with (i) production of the Sellers and each of their respective affiliates, (i) production of joint venture partners of either Seller or their affiliates, and (iii) production of non-operating working interest owners to the
extent a Seller, its affiliates or its joint venture partner controls such production.
If there is a shortfall to the minimum volume
commitment in any year, then each Seller is severally responsible for paying to TGGT a shortfall payment in an amount equal to (x) the amount of the shortfall (calculated on an annualized basis) times (y) $.40 per MMBtu.
Sellers are entitled to credit 25% of any production volumes delivered in excess of the minimum volume commitment during any year to the
subsequent year.
Non-Competition Agreement
At the closing of the Contribution Agreement, each Seller has also agreed to enter into a customary non-competition and non-solicitation
agreement with Buyer pursuant to which such Seller will agree, among other things, not to compete with TGGT in certain situations in the East Texas counties of San Augustine, Nacogdoches, Shelby, Harrison, Panola and Rusk and the North Louisiana
parishes of Desoto, Caddo, Bossier and Red River.
The foregoing description of the Contribution Agreement does not purport to be complete
and is qualified in its entirety by reference to the full text of the Contribution Agreement, which is filed as Exhibits 10.1 and incorporated herein by reference.
The Contribution Agreement has been provided solely to inform investors of its terms. The representations, warranties and covenants contained
in the Contribution Agreement were made only for purposes of such agreement and as of specific dates, were made solely for the benefit of the parties to the Contribution Agreement and may be intended not as statements of fact, but rather as a way of
allocating the risk to one of the parties if those statements prove to be inaccurate. In addition, such representations, warranties and covenants may have been qualified by certain disclosures not reflected in the text of the Contribution Agreement,
and may be subject to standards of materiality applicable to contracting parties that differ from what may be viewed as material by shareholders of, or other investors in, EXCO. Investors are not third-party beneficiaries under the Contribution
Agreement and should
2
not rely on the representations, warranties and covenants or any descriptions thereof as characterizations of the actual state of facts or condition of EXCO or any of its respective subsidiaries
or affiliates. The assertions embodied in the representations and warranties of EXCO are qualified by information contained in the confidential disclosure schedules delivered in connection with signing the Contribution Agreement as well as by
information contained in certain of EXCO's public filings. Information concerning the subject matter of such representations and warranties may change after the date of the Contribution Agreement, which subsequent information may or may not be
fully reflected in the parties' public disclosures.
Use of Proceeds
Assuming that the Contribution Agreement is closed, EXCO anticipates using the cash proceeds from the transaction to repay borrowings under its
credit agreement and pay certain transaction expenses.
Section 7 – Regulation FD
Item 7.01 Regulation FD Disclosure.
On October 17, 2013, EXCO issued a press release announcing, among other things, the signing of the Contribution Agreement, a copy of
which is furnished as Exhibit 99.1.
In accordance with general instruction B.2 to Form 8-K, information contained in Exhibit 99.1 is
being "furnished" and not "filed" with the Securities and Exchange Commission for purposes of Section 18 of the Securities Exchange Act of 1934, and such information shall not be deemed incorporated by reference in any
filing under the Securities Act of 1933.
Section 9—Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
10.1
Contribution Agreement, dated as of October 16, 2013, among BG US Gathering Company, LLC, EXCO Operating Company, LP and Azure Midstream Holdings LLC.
99.1
Press Release, dated October 17, 2013.
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
EXCO RESOURCES, INC.
Date: October 22, 2013
By:
/s/ Mark F. Mulhern
Mark F. Mulhern
Executive Vice President,
Chief Financial Officer
and Interim Chief Accounting Officer
4
EXHIBIT INDEX
Exhibit
Number
Description
10.1
Contribution Agreement, dated as of October 16, 2013, among BG US Gathering Company, LLC, EXCO Operating Company, LP and Azure Midstream Holdings LLC.
99.1
Press Release, dated October 17, 2013.