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August 5, 2014
07:21 EDTSXESouthcross Energy, TexStar Midstream complete combination
Southcross Energy LLC, the former owner of the general partner of Southcross Energy Partners, announced the completion of the previously announced agreement to combine with TexStar Midstream Services, a privately held gas gathering and processing partnership located in the Eagle Ford shale region of South Texas. With the completion of the transaction, a new company, Southcross Holdings LP, now owns 100% of the general partner of Southcross, limited partner interests in Southcross and certain former TexStar assets. EIG Global Energy Partners, Charlesbank Capital Partners and Tailwater Capital each indirectly own approximately one-third of Holdings. As part of the overall transaction, Southcross has acquired rich gas system assets formerly owned by TexStar for consideration of $80M in cash, the assumption of $100M of debt and 14,633,000 newly-issued payment-in-kind Class B Southcross convertible units. The rich gas system assets consist of a 300 MMcf/d gas processing facility and over 230 miles of rich gas and residue gas pipelines. The acquisition of the rich gas system assets by Southcross creates a substantial Eagle Ford-focused midstream operation with four gas processing plants, two fractionation facilities and approximately 3,000 miles of pipelines.
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December 8, 2014
14:02 EDTSXESouthcross Energy Partners repeats Q4 adjusted EBITDA view $20M- $24M
Southcross Energy Partners expects near term de-leveraging and is targeting 3.0x-4.0x leverage ratio and 1.1x-1.2x distribution coverage with "prudent use of equity" to fund growth. Southcross expects to achieve at least 1.0x coverage of common units in 1Q15 and expects to grow distributions in 2015. The company says its gross operating margin is becoming increasingly fixed fee oriented and it anticipates the ability to grow adjusted EBITDA without significant growth capital. Southcross sees its commodity sensitive margins to decline as a portion of gross operating margin, noting that its recently acquired and new contracts are largely fixed fee margins. Guidance and comments from investor day slides disclosed in a regulatory filing.
07:02 EDTSXESouthcross Energy Partners names John Bonn as president and CEO
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