Crosstex Energy (XTEX) Prices 7.5M Offering at $15.15/Unit
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Crosstex Energy, L.P. (NASDAQ: XTEX) today announced that it has priced an underwritten public offering of 7,500,000 common units representing limited partner interests of the Partnership at $15.15 per common unit. The offering is expected to close on or about January 14, 2013. The Partnership has also granted the underwriters a 30-day option to purchase up to 1,125,000 additional common units. Wells Fargo Securities, BofA Merrill Lynch, Citigroup, Morgan Stanley and RBC Capital Markets acted as joint book-running managers for the public offering.
Concurrent with the public offering, the Partnership has agreed to sell to certain funds affiliated with Magnetar Capital in a privately negotiated transaction 2,700,000 common units for $14.55 per common unit, which equates to the net price per unit received by the Partnership in the underwritten public offering, after deducting underwriting discounts and commissions.
The Partnership intends to use the net proceeds from these issuances, including any net proceeds from the underwriters’ exercise of their option pursuant to the public offering, for capital expenditures for currently identified projects, including the Cajun-Sibon natural gas liquids pipeline expansion, and for general partnership purposes.
Concurrent with the public offering, the Partnership has agreed to sell to certain funds affiliated with Magnetar Capital in a privately negotiated transaction 2,700,000 common units for $14.55 per common unit, which equates to the net price per unit received by the Partnership in the underwritten public offering, after deducting underwriting discounts and commissions.
The Partnership intends to use the net proceeds from these issuances, including any net proceeds from the underwriters’ exercise of their option pursuant to the public offering, for capital expenditures for currently identified projects, including the Cajun-Sibon natural gas liquids pipeline expansion, and for general partnership purposes.
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