Southcross Holdings LP announced the completion of a $210 million preferred equity commitment from Energy Capital Partners Mezzanine Opportunities Fund and GE Energy Financial Services. Holdings owns 100% of Southcross Energy Partners GP LLC, the general partner of Southcross Energy Partners LP (Southcross). Holdings also owns limited partner interests in Southcross and several Eagle Ford based midstream assets.
The capital commitment will enable Holdings to further integrate the assets from the recent TexStar combination, as well as to further build out its operating footprint in the Eagle Ford. Development of the assets will continue to enhance the inventory of potential dropdowns into Southcross, creating greater opportunities for distribution growth.
Barclays acted as financial advisor for Holdings. Sidley Austin LLP served as legal advisor to Energy Capital Partners and GE Energy Financial Services. Weil, Gotshal & Manges LLP served as legal advisor to Holdings.
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