Crosstex Energy plans private placement of 2.7 million common units

Deal sells common units to finance capital expenditures for projects

By Devika Patel

Knoxville, Tenn., Jan. 8 - Crosstex Energy LP said it will price a private placement of common units.

The company will sell 2.7 million common units.

The company also plans a concurrent underwritten public offering of 7.5 million common units. Wells Fargo Securities, BofA Merrill Lynch, Citigroup, Morgan Stanley and RBC Capital Markets are the joint bookrunning managers for the public sale.

Proceeds will be used for capital expenditures for projects, including the Cajun-Sibon natural gas liquids pipeline expansion, and general partnership purposes.

Crosstex is a midstream natural gas company based in Dallas.

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