NGLS

Third Amended and Restated Credit Agreement

On October 7, 2016, Targa Resources Partners LP (the “Partnership”) entered into the Second Amendment and Restatement Agreement (the “Restatement”) to effectuate the Third Amended and Restated Credit Agreement (the “Credit Agreement”) with Bank of America, N.A., as Administrative Agent, Collateral Agent, Swing Line Lender and L/C issuer, and the lenders party thereto. The Credit Agreement amends and restates the Partnership’s existing credit facility to provide for a revolving credit facility in an initial aggregate principal amount up to $1,600,000,000 (with an option to increase such maximum aggregate principal amount by up to $500,000,000 in the future, subject to the terms of the Credit Agreement) and a swing line sub-facility of up to $100,000,000. The full amount of the revolving credit facility is available for the issuance of letters of credit. The Credit Agreement matures on October 7, 2020, at which time all unpaid principal and interest is due.

The Credit Agreement also provides for, among other things, certain changes to occur upon the occurrence of an “Investment Grade Event,” including the release of all security interests in all “Collateral” at the request of the Partnership. At the effective date of the Credit Agreement, Targa Pipeline Partners LP (formerly known as Atlas Pipeline Partners, L.P.) and certain of its subsidiaries were designated as “Restricted Subsidiaries” under the Credit Agreement and the indentures (the “Indentures”) governing the Partnership’s outstanding senior notes (the “Notes”). Such subsidiaries will be added as guarantors of the Notes by executing supplemental indentures to the Indentures in accordance with the terms thereof.

The description of the Credit Agreement is qualified in its entirety by reference to the Credit Agreement, a copy of which is attached as Exhibit A to the Restatement Agreement filed as Exhibit 10.1 to this Form 8-K and is incorporated in this Item 1.01 by reference.