Southcross Energy Partners, L.P. Unitholders Approve Merger with American Midstream Partners
March 27 2018 - 12:39PM
Southcross Energy Partners, L.P. (NYSE:SXE) (“Southcross” or “SXE”)
announced today that its unitholders have voted to approve the
previously announced proposed merger of Southcross and American
Midstream Partners, LP (NYSE:AMID) (“AMID”) and related matters
pursuant to the Agreement and Plan of Merger dated as of October
31, 2017 by and among Southcross, AMID, its general partner, and a
certain wholly owned subsidiary of AMID.
During a special meeting of unitholders held
today, investors voted on merger-related proposals, which included
the merger and a non-binding advisory vote on merger compensation.
The merger proposal passed with a vote of more than 95 percent of
votes cast by non-affiliated unitholders, representing
approximately 64 percent of all outstanding units held by such
unitholders. A majority of the non-affiliated unitholders also
approved the advisory merger compensation proposal.
The closing of the merger remains subject to the
closing conditions described in the definitive proxy statement
filed by SXE with the Securities and Exchange Commission on
February 13, 2018. The merger is expected to close in the second
quarter of 2018.
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. Additional risks include the
following: the ability to obtain requisite regulatory and
unitholder approval and the satisfaction of the other conditions to
the consummation of the proposed transaction, the ability of AMID
to successfully integrate SXE’s operations and employees and
realize anticipated synergies and cost savings, actions by third
parties, the potential impact of the announcement or consummation
of the proposed transaction on relationships, including with
employees, suppliers, customers, competitors and credit rating
agencies, and the ability to achieve revenue and other financial
growth, and volatility in the price of oil, natural gas, and
natural gas liquids and the credit market. 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. Please see AMID’s “Risk Factors” and other disclosures
included in their Annual Report on Form 10-K for the year ended
December 31, 2016 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. AMID and SXE
undertake 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