DALLAS, Oct. 19 /PRNewswire-FirstCall/ -- Crosstex Energy, L.P.
(Nasdaq: XTEX) (the Partnership) announced that it had executed commitments to
privately place $105 million of equity to support its $500 million acquisition
of the South Louisiana processing and liquids assets from El Paso Corporation
The Partnership has agreed to sell 2,850,165 units of Senior Subordinated
Series B Units at a purchase price of $36.84 per unit. The series B units will
not participate in the third quarter distribution, and will convert to common
units on November 14, 2005. The placement is expected to close concurrently
with the closing of the purchase transaction of the El Paso assets, expected
later in the fourth quarter.
The securities to be offered have not been registered under the Securities
Act of 1933, as amended, (the "Securities Act"), or any state securities laws,
and unless so registered, the securities may not be offered or sold in the
United States except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act and applicable
state securities laws. This announcement shall not constitute an offer to sell
or a solicitation of an offer to buy any of these securities.
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
approximately 100 natural gas amine treating plants. Crosstex currently
provides services for approximately 1.9 Bcf/day of natural gas.
Crosstex Energy, Inc. (Nasdaq: XTXI) owns the two percent general partner
interest, a 50 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 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 /
(XTEX EP XTXI)
CO: Crosstex Energy, L.P.; El Paso Corporation; Crosstex Energy, Inc.
ST: Texas, Louisiana
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7404 10/19/2005 07:34 EDT http://www.prnewswire.com