Exhibit 99.1
PRESS RELEASE
CROSSTEX ENERGY PRICES PUBLIC OFFERING OF COMMON UNITS
DALLAS, November 15, 2005 — Crosstex Energy, L.P. (Nasdaq: XTEX) (the Partnership)
announced today that it has priced its offering of 3,500,000 common units at a price to
the public of $33.25 per unit. The offering will result in net proceeds to the
Partnership of approximately $113.5 million (including the general partner’s proportionate
capital contribution). The Partnership has granted the underwriters a 30-day option to
purchase up to 525,000 additional common units.
The Partnership plans to use the net proceeds from this offering to repay a portion of the
outstanding indebtedness under its credit facility. Borrowings under the credit facility
during 2005 were used to refinance the Partnership’s prior revolving credit facility and
for capital projects and acquisitions, including the acquisition of El Paso Corporation’s
natural gas processing and liquids business in South Louisiana which closed on November 1,
2005.
Lehman Brothers is acting as sole book-running manager for the offering. A.G. Edwards and
Goldman, Sachs & Co. are joint lead managers. The co-managers participating in the
offering are Wachovia Securities, Raymond James, RBC Capital Markets, KeyBanc Capital
Markets and Harris Nesbitt. When available, a final copy of the prospectus supplement and
related base prospectus relating to this offering may be obtained from any of the
underwriters, including Lehman Brothers, c/o ADP Financial Services, Integrated
Distribution Services, 1155 Long Island Avenue, Edgewood, NY 11717, email:
monica_castillo@adp.com or Fax (631) 254-7268.
This press release does not constitute an offer to sell or a solicitation of an offer to
buy the limited partner interests described in this press release, nor shall there be any
sale of these limited partner units in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. The offer is being made only through the
prospectus as supplemented, which is part of a shelf registration statement that became
effective on July 7, 2004.
About Crosstex
Crosstex Energy, L.P., a mid-stream natural gas company headquartered in Dallas, operates
over 5,000 miles of pipeline, nine processing plants, four fractionators, and
approximately 111 natural gas amine treating plants.
Crosstex Energy, Inc. (NasdaqNM: XTXI) owns the two percent general partner interest, a 44
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.
This press release contains “forward-looking statements” within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements other than statements of historical facts included
herein constitute forward-looking statements. Although the company believes that the
expectations reflected in the forward-looking statements are reasonable, it can give no
assurance that such expectations will prove to be correct.
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Contact:
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Barry E. Davis, President and Chief Executive Officer |
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William W. Davis, Executive VP and Chief Financial Officer |
Phone:
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(214) 953-9500 |