Crosstex Energy to Sell Intrastate Gas Gathering and Transmission Pipeline Systems to Southcross Energy Investment Group for Approximately $220 Million

摘要

Crosstex Energy, LP announced June 10 that it entered into a definitive agreement to sell its assets in Mississippi, Alabama and South Texas for $220 million to Southcross Energy, LLC, a Dallas-based natural gas transportation and processing company. Proceeds will be used to pay down more than $200 million of the Partnership's outstanding debt, which will satisfy the targets for debt reductions in September 2009 and December 2009 established in the Partnership's recent amendments to its debt facilities. The Partnership expects the sale to close on 7/31/09. Closing is contingent on the approval of the lenders under the Partnership's revolving credit and senior note agreements and certain other conditions.