Southcross Energy Partners, L.P. (NYSE: SXE), a Delaware limited partnership (the “Partnership”), announced today that underwriters of its recently completed initial public offering have purchased an additional 1,350,000 common units at $20.00 per unit pursuant to the full exercise of the option to purchase additional common units granted to them in the Underwriting Agreement dated November 1, 2012. Southcross Energy Partners’ initial public offering of 9,000,000 common units, representing limited partnership interests in Southcross Energy Partners, closed on November 7, 2012.
Net proceeds received by the Partnership from the sale of the additional common units were approximately $25 million in the aggregate, after deducting underwriting discounts, commissions and expenses. The Partnership used the net proceeds of approximately $25 million to redeem 1,350,000 common units held by Southcross Energy LLC. The public now owns an approximate 42% limited partner interest in the Partnership. Southcross Energy LLC holds, directly or indirectly, a 2% general partner interest and an approximate 56% limited partner interest in the Partnership.
Citigroup, Wells Fargo Securities, Barclays and J.P. Morgan acted as joint book-running managers for the offering. RBC Capital Markets, Raymond James, Baird, Stifel Nicolaus Weisel and SunTrust Robinson Humphrey acted as co-managers for the offering. Copies of the prospectus related to the offering may be obtained from the underwriters as follows:
|Citigroup||Wells Fargo Securities|
|c/o Broadridge Financial Solutions||Attention: Equity Syndicate Dept|
|1155 Long Island Avenue||375 Park Avenue|
|Edgewood, NY 11717||New York, NY 10152|
|c/o Broadridge Financial Solutions||c/o Broadridge Financial Solutions|
|1155 Long Island Avenue||1155 Long Island Avenue|
|Edgewood, NY 11717||Edgewood, NY 11717|
A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission (the “SEC”). The registration statement is available on the SEC's web site at http://www.sec.gov under the registrant's name, “Southcross Energy Partners L.P.” This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described above, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.About Southcross Energy Partners, L.P. Southcross Energy Partners, L.P. is a master limited partnership that provides natural gas gathering, processing, treating, compression and transportation services and NGL fractionation and transportation services for its producer customers. The Partnership also sources, purchases, transports and sells natural gas and NGLs to its power generation, industrial and utility customers. The Partnership’s assets are located in South Texas, Mississippi and Alabama and include three gas processing plants, two fractionation plants and 2,590 miles of pipeline. The Partnership’s South Texas assets are located in or near the Eagle Ford shale region. Southcross Energy Partners, L.P. is headquartered in Dallas, Texas. Visit www.southcrossenergy.com for more information.
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