DALLAS, Feb 03, 2010 (BUSINESS WIRE) -- The Crosstex Energy companies, Crosstex Energy, L.P. (NASDAQ: XTEX) (the
Partnership) and Crosstex Energy, Inc. (NASDAQ: XTXI) (the Corporation),
announced today that the Partnership and its subsidiary, Crosstex Energy
Finance Corporation, priced the offering of $725 million in aggregate
principal amount of 8.875 percent senior unsecured notes due 2018 at an
issue price to yield 9.250 percent to maturity. The offering is expected
to close on February 10, 2010. The Partnership intends to use the net
proceeds of this offering, together with borrowings under its proposed
new senior secured credit facility, to repay in full amounts outstanding
under the Partnership's existing credit facility and senior secured
notes and to pay related fees, costs and expenses, including the
settlement of interest rate swaps associated with the existing credit
facility.
The offered securities have not been registered under the Securities Act
of 1933, as amended, (the "Securities Act"), or any state securities
laws, and unless so registered, the securities may not be offered or
sold in the United States except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the
Securities Act and applicable state securities laws. The Partnership
plans to offer and issue the notes only to qualified institutional
buyers pursuant to Rule 144A under the Securities Act and to persons
outside the United States pursuant to Regulation S.
This press release is being issued pursuant to Rule 135c under the
Securities Act, and is neither an offer to sell nor a solicitation of an
offer to buy the notes or any other securities and shall not constitute
an offer to sell or a solicitation of an offer to buy, or a sale of, the
notes or any other securities in any jurisdiction in which such offer,
solicitation or sale is unlawful.
About the Crosstex Energy Companies
Crosstex Energy, L.P., a midstream natural gas company headquartered in
Dallas, operates approximately 3,300 miles of pipeline, nine 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 25percent limited partner interest and the incentive distribution
rights of Crosstex Energy, L.P.
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 private placement of senior
notes. 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.
SOURCE: Crosstex Energy
Crosstex Energy
Jill McMillan, 214-721-9271
Director, Public & Industry Affairs
Jill.McMillan@CrosstexEnergy.com
