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
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.