Southcross Energy sets terms for $180 million IPO
Southcross Energy Partners, which provides natural gas gathering, processing and transportation services in the southern US, announced terms for its IPO on Monday. The Dallas, TX-based company plans to raise $180 million by offering 9 million shares at a price range of $19 to $21. At the midpoint of the proposed range, Southcross Energy Partners would command a fully diluted market value of $489 million. Southcross Energy Partners, which was founded in 2009 and booked $501 million in sales for the 12 months ended 6/30/2012, plans to list on the NYSE under the symbol SXE. Citi, Wells Fargo Securities, Barclays and J.P. Morgan are the joint bookrunners on the deal.