DALLAS, Nov 14, 2005 /PRNewswire-FirstCall via COMTEX News Network/ -- Crosstex Energy, L.P.
(Nasdaq: XTEX) (the Partnership) announced today that it has filed with the
SEC a preliminary prospectus supplement for an offering of 3,500,000 common
units representing limited partner interests. The Partnership also granted a
30-day option to the underwriters to purchase up to 525,000 additional common
The Partnership will 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.
Lehman Brothers Inc. is acting as sole book-running manager for the
offering. The co-managing underwriters participating in the offering are: A.G.
Edwards & Sons, Inc.; Goldman, Sachs & Co.; Wachovia Capital Markets, LLC;
Raymond James & Associates, Inc.; RBC Capital Markets Corporation; KeyBanc
Capital Markets, a division of McDonald Investments Inc.; and Harris Nesbitt
Corp. A copy of the preliminary prospectus supplement can be obtained from any
of the underwriters, including Lehman Brothers, c/o ADP Financial Services,
Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, NY 11714,
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.
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 currently provides services for approximately 2.6 Bcf/day of natural
Crosstex Energy, Inc. (Nasdaq: 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
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.
Contact: Barry E. Davis, President and Chief Executive Officer
William W. Davis, Executive VP and Chief Financial Officer
Phone: (214) 953-9500
SOURCE Crosstex Energy, L.P.
Barry E. Davis, President and Chief Executive Officer, or William W. Davis, Executive
VP and Chief Financial Officer, both of Crosstex Energy, L.P., +1-214-953-9500