Clearly bashing Crosstex to pump Chesapeake. This guy should be reported for clearly manipulating stock prices by supplying incorrect information. Stating we still have 1.1B in debt. A monkey could have found the correct information in less than five minutes.
Balance as of 9/30 was $1,064K in LT Debt and $138 in other LT liabilities. Then on 10/1 they got in $240M from the sale of gas processing plants and another $40M after that. Do the math and the total should now be less than $1B. But the real improvement is from where we were last year this time. As of 12/31/08 LT Debt was $1,254M and Other LT Liabilities were $652M. That's the debt levels that made people question whether or not they would survive.
Here's where the $125M preferred offering shines. As of 9/30 the debt to equity ratio was $1,202M divided by $763 equity or 1.58. NOw after all transactions are factored in we have total debt of $1202 minus 240 minus 40 or $922 divided by equity of 763 plus 125 or 888. The numerator is now 922 and the denominator is now 888; therefore the ratio has dropped to 1.04, a level that would be much more palatable to a banker.