By Sheri Kasprzak
Atlanta, June 24 - Crosstex Energy, LP said it has secured $50 million in a private placement of senior subordinated units.
The company sold 1.495 million units to Kayne Anderson MLP Investment Co. and two funds managed by Tortoise Capital Advisers, LLC at $33.44 each. Kayne Anderson will buy 70% of the units and Tortoise 30%.
The units convert into common units on a one-for-one basis on Feb. 24, 2006.
The senior subordinated units will not convert into common units and will not be eligible for a distribution until after the company completes the construction of its North Texas pipeline.
Based in Dallas, Crosstex is a midstream natural gas company. The proceeds will be used to further the construction of the pipeline.
| Issuer: | Crosstex Energy, LP
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| Issue: | Senior subordinated units convertible into common units
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| Amount: | $50 million
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| Units: | 1,495,000
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| Price: | $33.44
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| Warrants: | No
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| Investors: | Kayne Anderson MLP Investment Co. (lead); Tortoise Capital Advisers, LLC
|
| Settlement date: | June 24
|
| Stock price: | $38.75 at close June 24
|
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