Investor Tools
Print PagePrint Page
E-mail PageE-mail Page
RSS FeedsRSS Feeds
E-mail AlertsE-mail Alerts
IR ContactsIR Contacts
Financial Tear SheetFinancial Tear Sheet


 
Crosstex Energy, L.P.
Trades on the NASDAQ Exchange under the symbol XTEX.
Press Release

Printer Friendly Version View printer-friendly version
<< Back
Crosstex Energy Closes New Financing Facilities

DALLAS--(BUSINESS WIRE)--June 4, 2003--Crosstex Energy, L.P. (NasdaqNM:XTEX), a Texas-based midstream natural gas company, today announced that it has closed two new senior secured financing facilities: a bank facility of $100 million and an institutional shelf facility of $50 million. Funds from the facilities will be used for general corporate purposes and to fund the previously announced acquisition of assets from Duke Energy Field Services, LP.

The bank facility consists of a $70 million revolving line for acquisitions and a $30 million revolving line for working capital funding. Both bank revolving lines mature in June 2006 with no prior amortization, and amounts outstanding will bear interest at variable interest rates. The bank syndicate providing the credit facilities includes the company's current banks, Union Bank of California and Fleet National Bank, in addition to Royal Bank of Canada and US Bank.

The company has drawn $30 million under the institutional facility being provided by Prudential Capital Group, which bears an interest rate of 6.95% and matures in June 2010. Amortization of the notes begins in June 2006 and continues quarterly thereafter until maturity. The pricing of the remaining $20 million available under the Pru-shelf facility would be determined in the future, and any future draws on the facility would be subject to future agreement on such pricing, among other things.

Crosstex Energy, L.P., a midstream natural gas company headquartered in Dallas, operates over 1,700 miles of pipeline, two processing plants and over 40 natural gas amine treating plants. Crosstex currently provides services for over 900,000 MMBtu/day of natural gas. Crosstex Energy was ranked first in the Mastio & Co. 2002 Producer Purchaser Satisfaction Survey of nearly 400 gas producers. Additional information about Crosstex 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 or incorporated herein may 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.

CONTACT: Crosstex Energy, L.P., Dallas
Barry E. Davis or William W. Davis, 214/953-9500

SOURCE: Crosstex Energy, L.P.

 
 HomeSite IndexContact UsSafety & Environment