EXCO Resources To Sell TGGT Holdings To Azure Midstream Holdings - Quick Facts

(RTTNews) - EXCO Resources, Inc.'s (XCO) unit, EXCO Operating Company, LP, and an affiliate of BG Group plc have reached a definitive deal to convey 100% of the equity stake in TGGT Holdings, LLC to Azure Midstream Holdings LLC for an aggregate sales price of about $910 million, of which nearly $875 million would be in cash and the rest would be in the form of an approximate 8% stake in Azure split equally between EXCO and BG Group.

Further, EXCO said it expects around $230 million of net cash proceeds after TGGT pays off its credit agreement and net of transaction costs and closing adjustments. The cash proceeds would be used to reduce the asset sale tranche under EXCO's credit agreement.

The transaction is expected to close in the fourth quarter of 2013.