Southcross Energy Partners LP closed a $14 million unsecured loan, the company said Jan. 8.
The loan, provided by funds managed by EIG Global Energy Partners and Tailwater Capital, has a one-year term.
Southcross and Southcross Holdings LP retained Kirkland & Ellis LLP as legal adviser, and Houlihan Lokey Inc. as financial adviser, regarding potential strategic alternatives and capital structure matters.
David Biegler, chairman of the board at the general partner, said the current low commodity prices are affecting producer customers’ development plans and that by suspending the distributions and the unsecured loan, Southcross’ liquidity can be bolstered.
Southcross Energy Partners LP is based in Dallas.
Recommended Reading
TGS, SLB to Conduct Engagement Phase 5 in GoM
2024-02-05 - TGS and SLB’s seventh program within the joint venture involves the acquisition of 157 Outer Continental Shelf blocks.
2023-2025 Subsea Tieback Round-Up
2024-02-06 - Here's a look at subsea tieback projects across the globe. The first in a two-part series, this report highlights some of the subsea tiebacks scheduled to be online by 2025.
StimStixx, Hunting Titan Partner on Well Perforation, Acidizing
2024-02-07 - The strategic partnership between StimStixx Technologies and Hunting Titan will increase well treatments and reduce costs, the companies said.
Tech Trends: QYSEA’s Artificially Intelligent Underwater Additions
2024-02-13 - Using their AI underwater image filtering algorithm, the QYSEA AI Diver Tracking allows the FIFISH ROV to identify a diver's movements and conducts real-time automatic analysis.
Subsea Tieback Round-Up, 2026 and Beyond
2024-02-13 - The second in a two-part series, this report on subsea tiebacks looks at some of the projects around the world scheduled to come online in 2026 or later.