Southcross Energy Partners, L.P. Terminates Merger with American Midstream Partners
30 Julho 2018 - 7:50AM
Southcross Energy Partners, L.P. (NYSE:SXE) (“Southcross Energy”)
announced today that, effective July 29, 2018, it has terminated
the previously announced Agreement and Plan of Merger, dated as of
October 31, 2017, with American Midstream Partners, LP (NYSE:AMID)
(“AMID”) whereby AMID had proposed to merge Southcross Energy into
a wholly owned subsidiary of AMID. Consistent with its rights
and obligations under the merger agreement, Southcross Energy
provided written notice terminating the merger due to AMID’s
failure to achieve conditions required under the merger
agreement. In addition, effective July 29, 2018, Southcross
Energy’s parent, Southcross Holdings LP (“Southcross Holdings”) has
terminated the previously announced Contribution Agreement, dated
as of October 31, 2017, with AMID as a result of a funding failure
by AMID. Under the terms of the Contribution Agreement,
Southcross Holdings is entitled to receive a $17 million
termination fee, a portion of which will be used to reimburse
certain of Southcross Energy’s transaction costs.
Southcross Energy and Southcross Holdings do not
anticipate any adverse impacts to our customers, suppliers and
employees as a result of the termination of these
agreements.
The combined Boards of Directors of Southcross
Energy and Southcross Holdings voted unanimously to approve these
actions, which we believe enhance our ability to capitalize on the
improving commercial environment across key areas of our asset
base.
About Southcross Energy Partners,
L.P.
Southcross Energy Partners, L.P. is a master
limited partnership that provides natural gas gathering,
processing, treating, compression and transportation services and
NGL fractionation and transportation services. It also
sources, purchases, transports and sells natural gas and NGLs. Its
assets are located in South Texas, Mississippi and Alabama and
include two gas processing plants, one fractionation plant and
approximately 3,100 miles of pipeline. The South Texas assets are
located in or near the Eagle Ford shale region. Southcross is
headquartered in Dallas, Texas. Visit www.southcrossenergy.com
for more information.
Cautionary Statement Regarding
Forward-Looking Statements
This news release and accompanying statements
may contain forward-looking statements. All statements that are not
statements of historical facts, including statements regarding our
future financial position, results, business strategy, guidance,
distribution growth and plans and objectives of management for
future operations, are forward-looking statements. We have used the
words “anticipate,” “believe,” “could,” “estimate,” “expect,”
“intend,” “may,” “plan,” “predict,” “project,” “should,” “will,”
“would”, “potential,” and similar terms and phrases to identify
forward-looking statements in this news release. Although we
believe that the assumptions underlying our forward-looking
statements are reasonable, any of these assumptions could be
inaccurate, and, therefore, we cannot assure you that the
forward-looking statements included herein will prove to be
accurate. These forward-looking statements reflect our intentions,
plans, expectations, assumptions and beliefs about future events
and are subject to risks, uncertainties and other factors, many of
which are outside our control. Actual results and trends in the
future may differ materially from those suggested or implied by the
forward-looking statements depending on a variety of factors which
are described in greater detail in our filings with the Securities
and Exchange Commission (“SEC”). Please see SXE’s “Risk Factors”
and other disclosures included in their Annual Report on
Form 10-K for the year ended December 31, 2017 and
in subsequently filed Forms 10-Q and 8-K. All future written and
oral forward-looking statements attributable to us or persons
acting on our behalf are expressly qualified in their entirety by
the previous statements. The forward-looking statements herein
speak as of the date of this news release. SXE undertakes no
obligation to update any information contained herein or to
publicly release the results of any revisions to any
forward-looking statements that may be made to reflect events or
circumstances that occur, or that we become aware of, after the
date of this news release.
Contact:
Southcross Energy Partners, L.P.Mallory Biegler,
214-979-3720Investor
RelationsInvestorRelations@southcrossenergy.com
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