Crosstex Energy to price $250 million 10-year notes on Thursday

By Paul A. Harris

Portland, Ore., May 9 - Crosstex Energy, LP and Crosstex Energy Finance Corp. plan to price a $250 million offering of 10-year senior notes (existing ratings B2/B+) on Thursday afternoon, according to a syndicate source.

Bank of America Merrill Lynch is the left bookrunner.

Wells Fargo Securities LLC, BMO Securities, Citigroup Global Markets Inc. and RBC Capital Markets are the joint bookrunners.

ABN Amro, BBVA Securities, Capital One Southcoast, Comerica Investments and US Bank are the co-managers.

The Rule 144A with registration rights notes come with five years of call protection.

There is an escrow period up to Aug. 31, 2012; the redemption price during this period is par plus accrued interest.

The notes feature a put at 101% plus accrued interest upon a ratings downgrade by one or more ratings agencies.

The Dallas-based midstream natural gas company plans to use the proceeds to help fund the acquisition of Clearfield Energy, Inc., including the Cajun Sibon natural gas liquids pipeline expansion.

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