Crosstex Energy Amends Credit Facility With BofA Merrill Lynch
Crosstex Energy, L.P. announced the completion of a $150 million increase in and amendment to the partnership’s revolving credit facility. The amendment to its existing credit facility raises total borrowing capacity to $635 million and provides additional financial flexibility during the remaining four-year term of the facility. The revolving credit facility is supported by a syndicate of 17 banks led by Bank of America Merrill Lynch as the lead arranger.
“Our strong operational and financial performance has allowed us to improve our credit facility, and we appreciate the support of our lender group that facilitated this transaction,” said Barry E. Davis, Crosstex president and CEO. “The amendment gives us the necessary financial flexibility so we can execute our growth strategy with confidence. We are taking advantage of numerous opportunities in this robust environment to expand our business while continuing to provide our customers with top-quality service and building value for our investors.”
Crosstex Energy, L.P., a midstream natural gas company headquartered in Dallas, operates approximately 3,300 miles of pipeline, nine processing plants and three fractionators.