Southcross Energy Partners LP (NYSE: SXE) closed its public offering of 9,200,000 common shares, worth $16.50 each, the company said Feb. 5, adding that the amount includes 1,200,000 common shares in the underwriters’ option.
The underwriters’ option included a contribution from the company’s general partner, Southcross noted.
The net proceeds, of roughly $148.5 million, will fund the new Webb pipeline and support general partnership purposes, including future acquisitions, the company said. Southcross will temporarily repay borrowings under its revolving credit until such use, the company noted.
Citigroup Inc. (NYSE: C), Wells Fargo Securities LLC, Barclays Plc (NYSE: BCS), J.P. Morgan, Raymond James and RBC Capital Markets were joint book-running managers, the company said. Baird and Stifel Financial Corp. (NYSE: SF) were co-managers, the company added.
Southcross Energy Partners is a master limited partnership that provides natural gas gathering, processing, treating, compression and transportation services and NGL fractionation and transportation services. It has assets in South Texas, Mississippi and Alabama. Southcross is headquartered in Dallas.
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