SEC Form 4 · accession 0001140361-16-053739
Southcross Energy Partners, L.P. · SXE
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Edward Herring
10% Owner
Period of report
Feb 14, 2016
Accepted (ET)
Feb 17, 2016 · 5:41 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001547638
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Class B Convertible UnitsF1,F2 | — | Feb 14, 2016 | J | 279,303 | A | — | — | Common Units (Limited Partnership Interests) | — | 16,238,272 | I |
Explanation of responses
- F1Borrower (as defined below) was entitled to receive a Class B Quarterly Distribution (as defined in the Issuer's Third Amended and Restated Agreement of Limited Partnership dated August 4, 2014 (the "Partnership Agreement")), consisting of additional Class B Convertible Units (the "Class B PIK Units") in accordance with the terms of the Partnership Agreement. However, the Issuer did not timely make such Class B Quarterly Distribution. The Partnership Agreement provides that, notwithstanding the Issuer's failure to make such Class B Quarterly Distribution, the holders entitled to the unpaid Class B PIK Units shall be entitled to all rights under the Partnership Agreement as if such unpaid Class B PIK Units had in fact been distributed on the date due ("Unpaid Class B PIK Rights"). Therefore, on February 14, 2016, SHB acquired Unpaid Class B PIK Rights equivalent to 279,303 Class B Convertible Units.
- F2The total number of derivative securities beneficially owned following the reported transaction that is reflected in Column 8 includes Unpaid Class B PIK Rights equivalent to 279,303 Class B Convertible Units.
Remarks
See Exhibit 99.1