DALLAS--(BUSINESS WIRE)--Sep. 14, 2012--
The Crosstex Energy companies, Crosstex Energy, L.P. (NASDAQ: XTEX) (the
Partnership) and Crosstex Energy, Inc. (NASDAQ: XTXI) (the Corporation),
today announced that the Partnership has agreed to sell approximately
5.7 million common units to funds managed by Kayne Anderson Capital
Advisors, L.P., a current Crosstex Energy, L.P. unitholder. Net proceeds
from the issuance, after deducting expenses associated with the
issuance, will be approximately $75 million. After completion of the
offering, the Partnership will have approximately 66.7 million common
units outstanding. Closing is scheduled for Friday, September 14, 2012.
The price for the common units, which will be issued under the
Partnership’s existing shelf registration statement, was $13.25 per unit.
About the Crosstex Energy Companies
Crosstex Energy, L.P., a midstream natural gas company headquartered in
Dallas, operates approximately 3,500 miles of natural gas, natural gas
liquids, and oil pipelines, 10 processing plants and four fractionators.
The Partnership also operates barge terminals, rail terminals, product
storage facilities, brine water disposal wells and an extensive truck
Crosstex Energy, Inc. owns the general partner interest, a 22 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.
This press release does not constitute an offer to sell or the
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. The offering is being made only by means of a prospectus
and related prospectus supplement meeting the requirements of Section 10
of the Securities Act of 1933, as amended.
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 expected closing of the issuance of
common units described above. 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 &