Targa Resources Partners LP Announces $750.0 Million Offering of Senior Notes
November 13 2019 - 8:53AM
Targa Resources Partners LP (the “Partnership”), a subsidiary of
Targa Resources Corp. (NYSE: TRGP), and the Partnership’s
subsidiary Targa Resources Partners Finance Corporation announced
today that, subject to market conditions, they intend to sell in an
offering in the United States to qualified institutional buyers
pursuant to Rule 144A under the Securities Act of 1933, as amended
(the “Securities Act”), and to persons outside of the United States
pursuant to Regulation S under the Securities Act, $750.0 million
in aggregate principal amount of senior unsecured notes due 2030.
The Partnership intends to use the net proceeds from the offering
to repay borrowings under its credit facilities and for general
partnership purposes, which may include redemptions or repurchases
of the Partnership’s outstanding senior notes, repayment of other
indebtedness, working capital and funding capital expenditures and
acquisitions.
The securities to be offered have not been
registered under the Securities Act, or any state securities laws,
and unless so registered, the securities may not be offered or sold
in the United States except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the
Securities Act and applicable state securities laws. The senior
unsecured notes are expected to be eligible for trading by
qualified institutional buyers under Rule 144A under the Securities
Act and by non-U.S. persons pursuant to Regulation S under the
Securities Act. This announcement shall not constitute an offer to
sell or a solicitation of an offer to buy any of these securities,
except as required by law.
About Targa Resources Partners
LP
Targa Resources Partners LP is a Delaware
limited partnership formed in October 2006 by its parent, Targa
Resources Corp. (“TRC” or the “Company”), to own, operate, acquire
and develop a diversified portfolio of complementary midstream
energy assets. On February 17, 2016, TRC completed the acquisition
of all outstanding common units of the Partnership. Targa Resources
Corp. is a leading provider of midstream services and is one of the
largest independent midstream energy companies in North America.
TRC owns, operates, acquires and develops a diversified portfolio
of complementary midstream energy assets. The Company is primarily
engaged in the business of: gathering, compressing, treating,
processing, transporting and selling natural gas; transporting,
storing, fractionating, treating and selling natural gas liquids
(“NGLs”) and NGL products, including services to liquefied
petroleum gas exporters; and gathering, storing, terminaling and
selling crude oil.
The principal executive offices of Targa
Resources Partners LP are located at 811 Louisiana, Suite 2100,
Houston, TX 77002 and their telephone number is 713-584-1000.
For more information, please visit our website
at www.targaresources.com.
Forward-Looking Statements
Certain statements in this press release are
“forward-looking statements” within the meaning of the federal
securities laws. All statements, other than statements of
historical facts, included in this press release that address
activities, events or developments that the Partnership expects,
believes or anticipates will or may occur in the future are
forward-looking statements. These forward-looking statements rely
on a number of assumptions concerning future events and are subject
to a number of uncertainties, factors and risks, many of which are
outside the Partnership’s control, which could cause results to
differ materially from those expected by management of the
Partnership. Such risks and uncertainties include, but are not
limited to, weather, political, economic and market conditions,
including a decline in the price and market demand for natural gas,
natural gas liquids and crude oil, the timing and success of
business development efforts, the credit risk of customers and
other uncertainties. These and other applicable uncertainties,
factors and risks are described more fully in the Partnership’s
filings with the U.S. Securities and Exchange Commission, including
its Annual Report on Form 10-K for the year ended December 31,
2018, its Quarterly Reports on Form 10-Q for the quarters ended
March 31, 2019, June 30, 2019 and September 30, 2019, and any
subsequently filed Current Reports on Form 8-K. The Partnership
does not undertake an obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Contact the Company's investor relations department by email at
InvestorRelations@targaresources.com or by phone at (713)
584-1133.
Sanjay LadSenior Director, Finance & Investor Relations
Jennifer KnealeChief Financial Officer
Targa Resources (NYSE:TRGP)
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