Crosstex amends loan to increase size, extend maturity

By Sara Rosenberg

New York, April 18 - Crosstex Energy LP amended its credit facility, increasing the size to $250 million from $200 million and extending the term to March 2010 from June 2006, according to a company news release.

Furthermore, an accordion feature was added to the credit facility, allowing the company to increase the deal to $350 million.

Bank of America was the lead bank on the deal, which involved existing lenders BNP Paribas, Guaranty Bank, Royal Bank of Canada, Union Bank of California and U.S. Bank and new lenders Citibank, Comerica Bank, Key Bank and SunTrust Bank.

Proceeds will be used for general corporate purposes and to fund anticipated growth.

"We are well positioned to finance our continued growth and expansion opportunities, such as our North Texas Pipeline Project in the Barnett Shale," said Barry E. Davis, president and chief executive officer, in the release.

Crosstex is a Dallas-based mid-stream natural gas company.

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