Southcross Energy Partners LP, a Delaware limited partnership, announced that it has commenced an initial public offering of 9 million common units. The underwriters will be granted a 30-day option to purchase up to an additional 1.35 million common units. The common units have been approved for listing on the New York Stock Exchange and will trade under the symbol “SXE.”
The common units being offered to the public represent an approximate 36% limited partner interest in the partnership, or an approximate 42% limited partner interest if the underwriters exercise, in full, their option to purchase additional common units. Southcross Energy LLC will hold, directly or indirectly, a 2% general partner interest and an approximate 62% limited partner interest in the partnership, or an approximate 56% limited partner interest if the underwriters exercise, in full, their option to purchase additional common units.
Citigroup, Wells Fargo Securities, Barclays and J.P. Morgan are acting as joint book-running managers for the offering. RBC Capital Markets, Raymond James, Baird, Stifel Nicolaus Weisel and SunTrust Robinson Humphrey are acting as co-managers for the offering.
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