Crosstex Energy, L.P. Announces $245 Million Private Placement of Notes
July 26 2006 - 4:37PM
PR Newswire (US)
DALLAS, July 26 /PRNewswire-FirstCall/ -- Crosstex Energy, L.P.
(NASDAQ:XTEX) today announced that it has completed a private
placement offering of $245 million in senior secured notes with
institutional investors. The notes mature in 10 years, with an
average life of eight years and an annual coupon of 6.96 percent.
Proceeds from the notes will be used to repay borrowings under
Crosstex's revolving credit facility. The notes have not been
registered under the Securities Act of 1933 and may not be offered
or sold in the United States absent registration or an applicable
exemption from the registration requirements under the Securities
Act of 1933. "This transaction is consistent with our strategy to
maintain a conservative capital structure. Given the long-term
nature of our assets, we will continue to use long-term, fixed-rate
debt for a significant portion of our capital structure," stated
Barry E. Davis, President and Chief Executive Officer. About the
Crosstex Energy Companies Crosstex Energy, L.P., a midstream
natural gas company headquartered in Dallas, operates over 5,000
miles of pipeline, ten processing plants, four fractionators, and
approximately 150 natural gas amine treating plants and 22 dew
point control plants. Crosstex currently provides services for over
3.0 Bcf/day of natural gas, or approximately 6.0 percent of
marketed U.S. daily production based on August 2005 Department of
Energy data. Crosstex Energy, Inc. (NASDAQ:XTXI) owns the two
percent general partner interest, a 42 percent limited partner
interest, and the incentive distribution rights of Crosstex Energy,
L.P. Additional information about the Crosstex companies can be
found at http://www.crosstexenergy.com/ . DATASOURCE: Crosstex
Energy, L.P. CONTACT: investors, William W. Davis, Executive V.P.
and Chief Financial Officer of Crosstex Energy, L.P.,
+1-214-953-9500, or media, Jill McMillan, Public Relations
Specialist, +1-214-721-9271, for Crosstex Energy, L.P. Web site:
http://www.crosstexenergy.com/
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