Crosstex sells pipelines to Waskom Gas for $40M

AP News
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Posted: Dec 15, 2009 6:33 PM

Crosstex Energy LP said on Tuesday that it has agreed to sell pipeline and natural gas treating assets in East Texas to Waskom Gas Processing Co. for $40 million.

The sale is expected to close next month.

Crosstex said it would use the money to pay down debt and for general corporate purposes.

Crosstex President and CEO Barry E. Davis said the sale "allows us to further strengthen our balance sheet as we work to refinance our existing debt, with the goal of restoring distributions and dividends to our unitholders and shareholders."

Crosstex shares rose a penny to close at $6.23.