EXCO Confirms Deal to Sell TGGT Holdings

EXCO Resources, Inc. XCO (“EXCO”) today announced that its wholly-owned subsidiary, EXCO Operating Company, LP (“EOC”), and an affiliate of BG Group plc (“BG Group”) have entered into a definitive agreement to convey 100% of the equity interest in TGGT Holdings, LLC (“TGGT”) to Azure Midstream Holdings LLC (“Azure”) for an aggregate sales price of approximately $910 million, of which approximately $875 million will be in cash and the remaining portion will be in the form of an approximate 8% equity interest in Azure (“Equity Interest”) split equally between EXCO and BG Group, subject to closing adjustments and customary terms and conditions. EXCO expects to receive net cash proceeds of approximately $230 million after TGGT pays off its credit agreement and net of transaction costs and closing adjustments. The cash proceeds will be used to reduce the asset sale tranche under EXCO's credit agreement. EXCO anticipates completing the transaction in the fourth quarter of 2013.