Crosstex Energy Raises $105 Million Toward Purchase of El Paso Assets
Crosstex Energy 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.
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Company: Crosstex Energy more info
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