Southcross Energy Partners LP secured an amendment to its revolving credit agreement that reduces the total revolver commitment to $145 million from $200 million, the company said Jan. 3.
The total revolver commitment can be further reduced to $115 million by Dec. 31, 2018.
The amendment also provides for a new $15 million commitment from certain of the parent’s shareholders in the form of equity or debt by Dec. 31, 2017.
The amendment also allows for a full two-year suspension of leverage covenants through 2018. The parent of Southcross’ general partner made a $17 million investment in Southcross. It will pay down revolver borrowings and support general partnership purposes. About 11.5 million Southcross common units were issued in exchange for the investment.
Southcross is based in Dallas.
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