Crosstex completes sale of gas treating business

Crosstex Energy LP and Crosstex Energy Inc. completed the sale of the partnership’s natural gas treating business to Kinder Morgan Energy Partners LP, Houston.

Oct 2nd, 2009

By OGJ editors
HOUSTON, Oct. 2
-- Crosstex Energy LP and Crosstex Energy Inc. completed the sale of the partnership’s natural gas treating business to Kinder Morgan Energy Partners LP, Houston.

The purchase price was $266 million, including working capital and closing adjustments. Crosstex will use the net proceeds from the transaction to pay down about $259 million of the partnership’s outstanding debt.

This debt repayment, in addition to repayments made with proceeds from previous asset sales, fully satisfies the targeted debt reduction established in the partnership’s amendments to its debt facilities entered into in the spring.

More in Companies