Blackstone invested after XTEX was in trouble!! If Crosstex can refi now at a great rate , it at worst is a wash. The .2125 may represent a floor for the distribution. I am for getting this ship up and running. I do not think the terms are punitive for existing unit holders. I expect this to be above $9.50 not so far ahead.
Disagree. this is the type of action I'd expect from a company in desperate straits........Reducing debt by 12-15% doesn't really give us much.
Something is not right.....either the refinancing fell apart or there was a sweetheart deal made. Either way, longer term, our units are worth about 30% less. They probably could have issued 15 million units at $9 this week.....
I agree. This seemingly does not make sense. I'd be happy to be part of this issuance as well, maybe I just need to know someone. This stinks of an inside job, and leaves we very disappointed with management. They obviously have buddies who in their minds deserve better than existing shareholders.
Of course, this could be accretive to earnings if this replaces a line of credit greater than 10% interest rates, or in a stretch, a more favorable refinance that substantially changes with this capital injection. No matter how you look at it, though, this really limits XTEX's options.
I think I see the light at the end of the tunnel and it might be where I get off this train. I bought because I thought management was solid. I'm definitely losing that feeling.