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Crosstex Energy, L.P. Message Board

  • b_zerkley b_zerkley Aug 9, 2013 10:03 AM Flag

    This is ripe for a 2nd...

    No cash and limited available borrowing. CS hurt them with the downgrade...maybe they won't be an underwriter. However, at the right price I'm a buyer...although the .95x coverage is an issue.

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    • I am somewhat confused by this .95x coverage and the previous quarters 1.05x coverage. What does this mean exactly?

    • Management stated during cc they would not need to do a secondary in 2013 and will use their ATM program for share issuance which is not a secondary. CS's downgrade was a "cautious" downgrade because management was going to miss their timetable by 1 quarter and costs were overrunning on one part of a multi-part project. Management indicated they did not believe the overrun on part one would effect future parts of this project. I am confident and added a little more this morning on the drop and it seems XTEX recovered nicely as the day progressed.

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