Crosstex amends loan, revising leverage ratio

By Sara Rosenberg

New York, April 5 - Crosstex Energy Inc. amended its credit facility, increasing the maximum permitted leverage ratio for the fiscal quarter ending Sept. 30 and each fiscal quarter thereafter, according to an 8-K filed with the Securities and Exchange Commission Thursday.

In addition, the amendment says that if the company or its subsidiaries incur unsecured note indebtedness, the leverage ratio will shift to a two-tiered structure and during periods where there are outstanding unsecured notes, the leverage ratio cannot exceed 5.50 times and the senior leverage ratio cannot exceed 4.50 times.

The amendment was completed on April 3.

Bank of America is the administrative agent on the deal.

Crosstex is a Dallas-based midstream natural gas company.

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