Crosstex To Sell $220M In Assets To Southcross

DALLAS (AP) — Natural-gas processor Crosstex Energy LP said Wednesday it is selling its Mississippi, Alabama and South Texas intrastate gathering and transmission pipelines to Southcross Energy LLC for $220 million.

Crosstex said it will use the proceeds to pay down more than $200 million of the partnership's outstanding debt. The sale is expected to close on July 31.

Crosstex Energy Inc. owns the 2 percent general partner interest, a 33 percent limited partner interest and the incentive distribution rights of Crosstex Energy LP.

Dallas-based Southcross Energy is a newly formed natural-gas transportation and processing company.