FM Closes $40MM Pipeline Sale

By April 22, 2014 No Comments

Mar. 7, 2014– Southcross Energy Partners, L.P. (NYSE:SXE)(“Buyer”) announced today that it has acquired natural gas pipelines from Onyx Midstream, LP (“Seller”) near Corpus Christi, Texas along with contracts related to those pipelines. The purchase price was approximately $40 million in cash. Freeman Mills PC acted as counsel to Seller in the transaction led by J. Miles Darby.

The pipelines, which range from 12-inches to 24-inches in diameter, transport natural gas to two power plants in Nueces County, Texas under fixed-fee contracts that extend through 2029. Total length of the pipelines is approximately 50 miles. Natural gas volumes through the pipelines averaged 97 million cubic feet per day during 2013.

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