Southcross Energy Partners, L.P. Announces Closing of Public Offering of Common Units and Full Exercise of the Underwriters' Option to Purchase Additional Common Units
By a News Reporter-Staff News Editor at Energy Weekly News -- Southcross Energy Partners, L.P. (NYSE:SXE) ("Southcross" or the "Partnership") announced the closing of its underwritten public offering of 9,200,000 common units at $16.50 per unit. That amount includes 1,200,000 common units purchased pursuant to the full exercise of the underwriters' option to purchase additional common units. Southcross intends to use the approximately $148.5 million of net proceeds from the offering, including the proportionate capital contribution from the Partnership's general partner and after deducting underwriting discounts and offering expenses, to fund the recently announced construction of its new Webb Pipeline and for general partnership purposes, including future acquisitions. Pending such use, Southcross will temporarily repay borrowings under its revolving credit facility.
Citigroup, Wells Fargo Securities, Barclays, J.P. Morgan, Raymond James and RBC Capital Markets acted as joint book-running managers for the offering. Baird and Stifel acted as co-managers for the offering.
Keywords for this news article include: L.P., Southcross Energy Partners L.P.
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