Southcross Energy Partners, L.P. (SXE) IPO Opens, Trades Higher

November 2, 2012 11:52 AM EDT
The IPO for Southcross Energy Partners, L.P. (NYSE: SXE) opened earlier at $22 after pricing 9,000,000 common units at $20, the middle of the expected $19-$21 range. Shares last traded at $22.58, up 19 percent.

Citigroup, Wells Fargo Securities, Barclays and J.P. Morgan were the joint book-running managers of the deal.

Southcross Energy Partners, L.P. is a growth-oriented limited partnership that was formed by members of our management team and Charlesbank to own, operate, develop and acquire midstream energy assets. The company provides natural gas gathering, processing, treating, compression and transportation services and natural gas liquids, or NGLs, fractionation and transportation services for their producer customers, primarily under fixed-fee and fixed-spread contracts, and also source, purchase, transport and sell natural gas and NGLs to power generation, industrial and utility customers primarily under fixed-spread contracts. Assets are located in South Texas, Mississippi and Alabama. The South Texas assets operate in or within close proximity to the Eagle Ford shale region.

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