DALLAS, April 18 /PRNewswire-FirstCall/ -- Crosstex Energy, L.P.
(Nasdaq: XTEX) announced today that it has amended its existing bank credit
facility, increasing the commitment availability from $200 million to
$250 million, and extending the term for 5 years. Additionally, an accordion
feature built into the credit facility allows the company to increase the
availability to $350 million. Bank of America led the credit facility
syndication. The company has also agreed to amend its Shelf Agreement with
Prudential Capital Group, increasing its availability from $125 million to
$200 million, of which $115 million is currently drawn. Funds from the
facilities will be used for general corporate purposes and to fund anticipated
"We are well positioned to finance our continued growth and expansion
opportunities, such as our North Texas Pipeline Project in the Barnett Shale,"
said Barry E. Davis, President and Chief Executive Officer.
The new bank credit facility matures in March 2010 (extended from June
2006) with no prior amortization required, and amounts outstanding will bear
interest at variable interest rates. The syndication for the facility
includes the company's existing banks: Bank of America, N.A., BNP Paribas,
Guaranty Bank, Royal Bank of Canada, Union Bank of California, N.A. and U.S.
Bank National Association. New bank participants include Citibank, N.A.,
Comerica Bank, Key Bank, N.A. and SunTrust Bank.
About the Crosstex Energy Companies
Crosstex Energy, L.P., a mid-stream natural gas company headquartered in
Dallas, operates over 4,500 miles of pipeline, five processing plants, and
over 80 natural gas amine treating plants. Crosstex currently provides
services for over 1.9 BCF/day of natural gas.
Crosstex Energy, Inc. (Nasdaq: XTXI) owns the general partner, a 54
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, including statements
regarding the company's opportunities for growth and return, 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 V.P. and Chief Financial Officer
Phone: (214) 953-9500
SOURCE Crosstex Energy, L.P.
/CONTACT: Barry E. Davis, President and Chief Executive Officer, or
William W. Davis, Executive V.P. and Chief Financial Officer, both of Crosstex
Energy, L.P., +1-214-953-9500/
/Web site: http://www.crosstexenergy.com /
CO: Crosstex Energy, L.P.; Crosstex Energy, Inc.; Bank of America
-- DAM086 --
5538 04/18/2005 16:30 EDT http://www.prnewswire.com