Crosstex Energy Announces Pricing of 8.8M Common Units at $16.28
Crosstex Energy, L.P. (NASDAQ: XTEX) today announced that it has priced an underwritten public offering of 8,800,000 common units representing limited partner interests of the Partnership at $16.28 per common unit. The offering is expected to close on or about May 15, 2012. The Partnership has also granted the underwriters a 30-day option to purchase up to 1,320,000 additional common units.
The Partnership intends to use the net proceeds from this offering, including any net proceeds from the underwriters' exercise of their option, for capital expenditures for currently identified projects, including the Cajun-Sibon natural gas liquids pipeline expansion and the Riverside facility expansion project. Pending such use, the Partnership will reduce borrowings under its existing credit facility.
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