Crosstex Energy amends revolver, revising size, maturity and pricing

By Sara Rosenberg

New York, May 3 - Crosstex Energy LP completed an amendment to it revolving credit facility, increasing the size to $485 million from $420 million and extending the maturity to May 2, 2016 from Feb. 10, 2014, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

In addition, the amendment reduced pricing so that it now ranges from Libor plus 200 basis points to 300 bps and the commitment fee ranges from 37.5 bps to 50 bps, based on leverage.

Also, the maximum permitted leverage ratios were increased and the minimum consolidated interest coverage ratio was decreased.

Furthermore, the amendment provides for a $150 million accordion feature and increased investment flexibility.

The amendment was completed on May 2.

Bank of America is the administrative agent on the deal.

Crosstex Energy is a Dallas-based midstream natural gas company.

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