Southcross Energy Partners LP (NYSE: SXE) opened a public offering of 8 million common shares, the company said Jan. 29. The shares represent limited partner interests in the partnership, pursuant to a recent shelf registration filed with the Securities and Exchange Commission (SEC), the company added. Additionally, Southcross gave underwriters a monthlong option to purchase up to 1,200,000 additional shares, the company said.
Net proceeds, including those from the underwriters’ option, will fund the new Webb pipeline and supplement general partnership purposes, the company said. Southcross will also temporarily repay revolving credit borrowings, but that money will be redrawn for the Webb pipeline, the company added.
Citigroup Inc., Wells Fargo Securities LLC, Barclays Plc (NYSE: BCS), J.P. Morgan, Raymond James Financial Inc. (NYSE: RJF) and RBC Capital Markets were joint book-running managers, while Stifel Financial Corp. (NYSE: SF) and Baird were co-managers, for the offering, the company said.
Southcross Energy Partners LP 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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