Crosstex completes placement
Dallas-based pipeline outfit Crosstex Energy has completed a private placement offering of $75 million in senior secured notes, the proceeds from which will be used to repay the company's borrowings under its revolving credit facility.
Crosstex's president and chief executive Barry Davis said the deal is part of a strategy to maintain a conservative capital structure.
"Given the long-term nature of our assets, we will continue to use long-term, fixed-rate debt for a majority of the debt portion of our capital structure," Davis explained, adding that the company will also continue to maintain a conservative debt to total capital ratio to finance its growth as it has done in the past.