I believe the Blackstone preferred was a huge deal. Much has been made about the strike price of $8.50 with XTEX trading over $9...well... Dec. 11th it traded at $5.59. This deal didn't happen overnight. The future is now secure. They did sell off some assets, but they were not core business assets. They were the equivelent of a major auto dealer selling off their detail department. They have even started acquiring new assets. IMO they wouldn't have done this without full support of lenders. All their recent moves are part of a larger plan. The preferred will help ratios where remaining debt will receive a better rating thus a lower interest rate. The dilution is worth it! If you disagree with me....well... the street at the moment seems to think I am right. ;-)
I agree--Blackstone's involvement is huge, and not just because of the money. Blackstone is NOT a passive investor, and they are getting a seat on the Board of a company that some think needs stronger management. Plus, from the lender's perspective, Crosstex with Blackstone backing is far more bankable than without.
Who cares about dilution when that kind of strength is added? Or would people rather have no dilution and a lower share price?
Blackstone's investment is small money for a company that has a couple of billion in infrastructure. The real money Blackstone is making is buying the stock up. First buying up XTEX and now XTXI. Get on the train!