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Stock Market & Financial Investment News

News Breaks
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.
News For SXE From The Last 14 Days
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November 24, 2014
07:01 EDTSXESouthcross Energy Partners acquires Eagle Ford pipeline system
Southcross Energy Partners, L.P. has completed the acquisition of a natural gas gathering system in McMullen County, Texas. The acquired system consists of eight miles of gathering pipelines within two miles of Southcross’ existing rich gas pipeline network and services customers under acreage dedication contracts. The system was placed into service in 2010. The acquisition of the system has been funded through Southcross’ revolving credit facility and is expected to be immediately accretive to Southcross’ distributable cash flow. Production from the system will be connected as soon as possible to Southcross’ existing pipeline network to be processed at its facilities.

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