DALLAS, Nov. 15 /PRNewswire-FirstCall/ -- Crosstex Energy, L.P.
(Nasdaq: XTEX) (the Partnership) announced today that it has priced its
offering of 3,500,000 common units at a price to the public of $33.25 per
unit. The offering will result in net proceeds to the Partnership of
approximately $113.5 million (including the general partner's proportionate
capital contribution). The Partnership has granted the underwriters a 30-day
option to purchase up to 525,000 additional common units.
The Partnership plans to use the net proceeds from this offering to repay
a portion of the outstanding indebtedness under its credit facility.
Borrowings under the credit facility during 2005 were used to refinance the
Partnership's prior revolving credit facility and for capital projects and
acquisitions, including the acquisition of El Paso Corporation's natural gas
processing and liquids business in South Louisiana which closed on
November 1, 2005.
Lehman Brothers is acting as sole book-running manager for the offering.
A.G. Edwards and Goldman, Sachs & Co. are joint lead managers. The
co-managers participating in the offering are Wachovia Securities, Raymond
James, RBC Capital Markets, KeyBanc Capital Markets and Harris Nesbitt. When
available, a final copy of the prospectus supplement and related base
prospectus relating to this offering may be obtained from any of the
underwriters, including Lehman Brothers, c/o ADP Financial Services,
Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, NY 11717,
email: firstname.lastname@example.org or Fax (631) 254-7268.
This press release does not constitute an offer to sell or a solicitation
of an offer to buy the limited partner interests described in this press
release, nor shall there be any sale of these limited partner units 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 offer is being made only through the prospectus as
supplemented, which is part of a shelf registration statement that became
effective on July 7, 2004.
Crosstex Energy, L.P., a mid-stream natural gas company headquartered in
Dallas, operates over 5,000 miles of pipeline, nine processing plants, four
fractionators, and approximately 111 natural gas amine treating plants.
Crosstex Energy, Inc. (Nasdaq: XTXI) owns the two percent general partner
interest, a 44 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 VP 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 VP 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.; Lehman Brothers;
A.G. Edwards; Goldman, Sachs & Co.; Wachovia Securities; Raymond James;
RBC Capital Markets; KeyBanc Capital Markets; Harris Nesbitt
ST: Texas, New York
IN: OIL FIN
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1838 11/15/2005 20:15 EST http://www.prnewswire.com