Crosstex Energy obtains new $420 million revolving credit facility

By Sara Rosenberg

New York, Feb. 10 - Crosstex Energy LP closed on a new $420 million four-year senior secured revolving credit facility, according to a news release.

Proceeds were used to help fund the company's recapitalization.

Also, as part of the recapitalization, the company completed a private placement of $725 million of 8.875% senior unsecured notes due Feb. 15, 2018.

Proceeds from the senior unsecured notes offering, along with borrowings under the revolver, were used to repay all existing revolver debt and retire senior secured notes.

Crosstex is a Dallas-based midstream natural gas company.

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