In March, MDN told you about a new joint venture between Crosstex Energy and Enerven Compression Services to build new compressor stations and a condensate processing plant in the Ohio Utica Shale (see Crosstex Energy to Build New Compressors, Processing Plant in OH). At the time Crosstex said they had secured a $75 million line of credit and were investing $50 million of it in the jv. Scratch that. Yesterday Crosstex announced they’re investing another $25 million in the jv, so it looks to us like they’re using up the rest of their line of credit to do it.
The Crosstex announcement:
