Crosstex Energy Completes Blackstone/GSO Transaction; Appoints Dwight Scott to Board of Directors
January 20 2010 - 6:43AM
Business Wire
The Crosstex Energy companies, Crosstex Energy, L.P. (NASDAQ:
XTEX) (the Partnership) and Crosstex Energy, Inc. (NASDAQ: XTXI)
(the Corporation), today announced the close of its previously
announced sale of approximately $125 million of Series A
Convertible Preferred Units to Blackstone/GSO Capital Solutions
funds. Consistent with the terms of the transaction, D. Dwight
Scott, a Senior Managing Director of GSO Capital Partners LP and
head of GSO’s Houston office has joined the Board of Directors of
Crosstex Energy, GP, LLC.
“We are pleased that the transaction has been completed,” said
Barry E. Davis, Crosstex President and Chief Executive Officer. “We
welcome Dwight Scott to the Board and are confident that Crosstex
will benefit from his strong finance and energy expertise as we
pursue our strategic plan to deliver value to our unitholders and
our shareholders.”
Mr. Scott focuses on investments in the energy and power markets
and is a member of GSO’s Investment Committee. Before joining GSO
Capital, Mr. Scott was an Executive Vice President and Chief
Financial Officer of El Paso Corporation. Prior to joining El Paso,
Mr. Scott served as a managing director in the energy investment
banking practice of Donaldson, Lufkin & Jenrette.
Mr. Scott earned a BA from the University of North Carolina at
Chapel Hill and MBA from The University of Texas at Austin. He is
currently a Director of Cheniere Energy, Inc., Crestwood Midstream
Partners, MCV Investors, Inc., SandRidge Energy, Inc. and United
Engines Holding Company, LLC. Mr. Scott is a member of the Board of
Trustees of KIPP, Inc. and the River Oaks Baptist School.
About the Crosstex Energy
Companies
Crosstex Energy, L.P., a midstream natural gas company
headquartered in Dallas, operates approximately 3,400 miles of
pipeline, 10 processing plants and three fractionators. The
Partnership currently provides services for 3.2 billion cubic feet
of natural gas per day, or approximately six percent of marketed
U.S. daily production.
Crosstex Energy, Inc. owns the two percent general partner
interest, a 33 percent limited partner interest and the incentive
distribution rights of Crosstex Energy, L.P.
Additional information about the Crosstex companies can be found
at www.crosstexenergy.com.
About The Blackstone Group and
GSO Capital Partners
Blackstone is one of the world’s leading investment and advisory
firms. Blackstone seeks to create positive economic impact and
long-term value for its investors, the companies it invests in, the
companies it advises and the broader global economy. The firm does
this through the commitment of its extraordinary people and
flexible capital. GSO Capital Partners LP,
with approximately $24 billion of assets under
management, is one of the largest credit-oriented alternative asset
managers in the world and a major participant in the leveraged
finance marketplace. GSO seeks to generate superior risk-adjusted
returns in its credit business by investing in a broad array of
public and private instruments across multiple investment
strategies. Key areas of focus include mezzanine, credit hedge
funds, leveraged loans and other special situation strategies.
Blackstone’s other alternative asset management businesses include
the management of private equity funds, real estate funds, funds of
hedge funds, and closed-end mutual funds. The Blackstone Group also
provides various financial advisory services, including mergers and
acquisitions advisory, restructuring and reorganization advisory
and fund placement services. Further information is available at
www.blackstone.com.
This press release contains forward-looking statements within
the meaning of the federal securities laws. These statements are
based on certain assumptions made by the Partnership and the
Corporation based upon management’s experience and perception of
historical trends, current conditions, expected future developments
and other factors the Partnership and the Corporation believe are
appropriate in the circumstances. These statements include, but are
not limited to, statements with respect to the Partnership’s
strategic plan. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of the Partnership and the Corporation, which may cause the
Partnership’s and the Corporation’s actual results to differ
materially from those implied or expressed by the forward-looking
statements. These risks include, but are not limited to, risks
discussed in the Partnership’s and the Corporation’s filings with
the Securities and Exchange Commission. The Partnership and the
Corporation have no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
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