DALLAS, Jan 20, 2010 (BUSINESS WIRE) -- The Crosstex Energy companies, Crosstex Energy, L.P. (NASDAQ: XTEX) (the
Partnership) and Crosstex Energy, Inc. (NASDAQ: XTXI) (the Corporation),
today announced the close of its previously announced sale of
approximately $125 million of Series A Convertible Preferred Units to
Blackstone/GSO Capital Solutions funds. Consistent with the terms of the
transaction, D. Dwight Scott, a Senior Managing Director of GSO Capital
Partners LP and head of GSO's Houston office has joined the Board of
Directors of Crosstex Energy, GP, LLC.
"We are pleased that the transaction has been completed," said Barry E.
Davis, Crosstex President and Chief Executive Officer. "We welcome
Dwight Scott to the Board and are confident that Crosstex will benefit
from his strong finance and energy expertise as we pursue our strategic
plan to deliver value to our unitholders and our shareholders."
Mr. Scott focuses on investments in the energy and power markets and is
a member of GSO's Investment Committee. Before joining GSO Capital, Mr.
Scott was an Executive Vice President and Chief Financial Officer of El
Paso Corporation. Prior to joining El Paso, Mr. Scott served as a
managing director in the energy investment banking practice of
Donaldson, Lufkin & Jenrette.
Mr. Scott earned a BA from the University of North Carolina at Chapel
Hill and MBA from The University of Texas at Austin. He is currently a
Director of Cheniere Energy, Inc., Crestwood Midstream Partners, MCV
Investors, Inc., SandRidge Energy, Inc. and United Engines Holding
Company, LLC. Mr. Scott is a member of the Board of Trustees of KIPP,
Inc. and the River Oaks Baptist School.
About the Crosstex Energy Companies
Crosstex Energy, L.P., a midstream natural gas company headquartered in
Dallas, operates approximately 3,400 miles of pipeline, 10 processing
plants and three fractionators. The Partnership currently provides
services for 3.2 billion cubic feet of natural gas per day, or
approximately six percent of marketed U.S. daily production.
Crosstex Energy, Inc. owns the two percent general partner interest, a
33 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.
About The Blackstone Group and GSO
Blackstone is one of the world's leading investment and advisory firms.
Blackstone seeks to create positive economic impact and long-term value
for its investors, the companies it invests in, the companies it advises
and the broader global economy. The firm does this through the
commitment of its extraordinary people and flexible capital. GSO Capital
Partners LP, with approximately $24 billion of assets under management,
is one of the largest credit-oriented alternative asset managers in the
world and a major participant in the leveraged finance marketplace. GSO
seeks to generate superior risk-adjusted returns in its credit business
by investing in a broad array of public and private instruments across
multiple investment strategies. Key areas of focus include mezzanine,
credit hedge funds, leveraged loans and other special situation
strategies. Blackstone's other alternative asset management businesses
include the management of private equity funds, real estate funds, funds
of hedge funds, and closed-end mutual funds. The Blackstone Group also
provides various financial advisory services, including mergers and
acquisitions advisory, restructuring and reorganization advisory and
fund placement services. Further information is available at www.blackstone.com.
This press release contains forward-looking statements within the
meaning of the federal securities laws. These statements are based on
certain assumptions made by the Partnership and the Corporation based
upon management's experience and perception of historical trends,
current conditions, expected future developments and other factors the
Partnership and the Corporation believe are appropriate in the
circumstances.These statements include, but are not limited to,
statements with respect to the Partnership's strategic plan. Such
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the Partnership
and the Corporation, which may cause the Partnership's and the
Corporation's actual results to differ materially from those implied or
expressed by the forward-looking statements.These risks include,
but are not limited to, risks discussed in the Partnership's and the
Corporation's filings with the Securities and Exchange Commission.The
Partnership and the Corporation have no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
SOURCE: Crosstex Energy
Jill McMillan, 214-721-9271
Director, Public & Industry Affairs