DALLAS, Dec 14, 2007 (BUSINESS WIRE) -- Crosstex Energy, L.P. (NASDAQ: XTEX) (the Partnership) announced
today that it has priced its public offering of 1.8 million common
units representing limited partner interests in the Partnership at
$33.28 per unit. The Partnership has also granted the underwriters a
30-day option to purchase up to an additional 270,000 common units.
The Partnership expects to use the net proceeds of the offering to
repay outstanding borrowings under its $1.185 billion credit facility.
Crosstex Energy, L.P., a midstream natural gas company
headquartered in Dallas, operates over 5,000 miles of pipeline, 13
processing plants, four fractionators, and approximately 200 natural
gas amine-treating plants and dew point control plants. Crosstex
currently provides services for over 3.5 Bcf/day of natural gas, or
approximately 7.0 percent of marketed U.S. daily production.
Currently, Crosstex Energy, Inc. (NASDAQ: XTXI) (the Corporation)
owns the two percent general partner interest, a 37 percent limited
partner interest, and the incentive distribution rights of Crosstex
Energy, L.P. After the offering, the Corporation will own an
approximate 36 percent limited partner interest in the Partnership,
including common units and subordinated units, plus its two percent
general partner interest. This limited partner ownership interest will
be reduced to approximately 35 percent if the underwriters exercise
their option to purchase additional common units in full.
The offering is expected to close on December 19, 2007.
The joint book-running managers for the offering are Goldman,
Sachs & Co. and Wachovia Securities. When available, a copy of the
prospectus supplement and prospectus relating to the offering may be
obtained from the following addresses: (i) Goldman, Sachs & Co., 85
Broad Street, New York NY 10004, via fax at 212-902-9316, via e-mail
at email@example.com or via phone at 1-866-471-2526 or
(ii) Wachovia Securities, Attn: Equity Syndicate, 375 Park Avenue, New
York NY 10152 or via e-mail at firstname.lastname@example.org.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein, nor
shall there be any sale of these securities 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. This offering may be made only by means
of a prospectus supplement and accompanying base prospectus.
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 companies
believe that the expectations reflected in the forward-looking
statements are reasonable, they can give no assurance that such
expectations will prove to be correct. The expectations are subject to
the "Risk Factors" described in the companies' filings with the
Securities and Exchange Commission, which could cause actual results
to differ materially from those in the forward-looking statements.
These filings are available on the companies' Web site or upon
SOURCE: Crosstex Energy, L.P.
Crosstex Energy, L.P.
Crystal C. Bell, 214-721-9407
Investor Relations Specialist
Jill McMillan, 214-721-9271
Manager of Public & Industry Affairs