Targa Resources Partners LP (“Targa Resources Partners” or the
“Partnership”), a subsidiary of Targa Resources Corp. (NYSE: TRGP),
announced today that it has commenced a cash tender offer (the
“Tender Offer”) to purchase any and all of the outstanding senior
notes listed in the following table upon the terms and conditions
described in the Partnership’s Offer to Purchase dated March 23,
2022 (the “Offer to Purchase”).
Issuer(1) |
|
Title of Security |
|
CUSIPNumber |
|
PrincipalAmountOutstanding |
|
PurchasePrice per$1,000 ofNotes |
Targa Resources Partners LP |
|
5.875% Senior Notes due 2026 |
|
87612BBJ0 |
|
$963,247,000 |
|
$1,030.88 |
____________________(1) Targa Resources Partners Finance
Corporation, a wholly owned subsidiary of the Partnership, is a
co-issuer of these securities.
Holders whose notes are purchased will also
receive accrued and unpaid interest thereon from the last interest
payment date up to, but not including, the initial settlement
date.
The Tender Offer is being made pursuant to the
terms and conditions contained in the Offer to Purchase, Letter of
Transmittal and Notice of Guaranteed Delivery, copies of which may
be obtained from D.F. King & Co., Inc., the tender agent and
information agent for the Tender Offer, by calling (888) 280-6942
(toll free) or, for banks and brokers, (212) 269-5550. Copies of
the Offer to Purchase, Letter of Transmittal and Notice of
Guaranteed Delivery are also available at the following web
address: http://www.dfking.com/targa.
The Tender Offer will expire at 5:00 p.m. New
York City Time on April 5, 2022, unless extended or earlier
terminated (such time and date as the same may be extended, the
“Expiration Time”). Tendered notes may be withdrawn at any time
before the Expiration Time. Holders of notes must validly tender
and not validly withdraw their notes (or comply with the procedures
for guaranteed delivery) before the Expiration Time to be eligible
to receive the consideration for their notes.
Settlement for notes tendered prior to the
Expiration Time and accepted for purchase will occur promptly after
the Expiration Time, which is expected to be April 6, 2022,
assuming that the Tender Offer is not extended or earlier
terminated. The settlement date for any notes tendered pursuant to
a Notice of Guaranteed Delivery is expected to be on April 8, 2022,
subject to the same assumption.
The Tender Offer is conditioned upon the
satisfaction of certain conditions, including the completion of a
contemporaneous senior notes offering of at least $1,250,000,000
principal amount by TRGP on terms and conditions satisfactory to
TRGP (the “Financing Condition”). The Tender Offer is not
conditioned upon any minimum amount of notes being tendered. The
Tender Offer may be amended, extended, terminated or withdrawn.
Concurrently with the launch of the Tender Offer and subject to the
same Financing Condition, the Partnership is exercising its right
to redeem, on April 22, 2022, any of the notes not validly tendered
and purchased in the Tender Offer at a redemption price of 102.938%
of the principal amount thereof plus accrued interest, pursuant to
the terms of the indenture governing such notes.
Targa has retained BofA Securities, Inc. (“BofA
Securities”) to serve as the exclusive Dealer Manager for the
Tender Offer. Questions regarding the terms of the Tender Offer may
be directed to BofA Securities at (collect) (980) 387-3907.
This press release is neither an offer to
purchase nor a solicitation of an offer to sell any notes in the
Tender Offer. In addition, this press release is not an offer to
sell or the solicitation of an offer to buy any securities issued
in connection with any contemporaneous notes offering, nor shall
there be any sale of the securities issued in such offering in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
About Targa Resources Partners LP
Targa Resources Partners LP is a Delaware
limited partnership formed in October 2006 by its parent, TRGP, to
own, operate, acquire and develop a diversified portfolio of
complementary midstream energy assets. On February 17, 2016, TRGP
completed the acquisition of all outstanding common units of the
Partnership. The Company is a leading provider of midstream
services and is one of the largest independent midstream
infrastructure companies in North America. The Company owns,
operates, acquires and develops a diversified portfolio of
complementary domestic midstream infrastructure assets. The
Company’s assets connect natural gas and natural gas liquids (NGLs)
to domestic and international markets with growing demand for
cleaner fuels and feedstocks. The Company is primarily engaged in
the business of: gathering, compressing, treating, processing,
transporting, and purchasing and selling natural gas; transporting,
storing, fractionating, treating, and purchasing and selling NGLs
and NGL products, including services to LPG exporters; and
gathering, storing, terminaling, and purchasing 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.
Forward-Looking Statements
Certain statements in this release are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements, other
than statements of historical facts, included in this 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 impact of pandemics such as
COVID-19, commodity price volatility due to ongoing conflict in
Ukraine, actions by the Organization of the Petroleum
Exporting Countries (“OPEC”) and non-OPEC oil producing
countries, the timing and success of business development efforts;
and other uncertainties. These and other applicable uncertainties,
factors and risks are described more fully in the Partnership's
filings with the Securities and Exchange Commission, including
its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and
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 LadVice President, Finance & Investor Relations
Jennifer KnealeChief Financial Officer
Targa Resources (NYSE:TRGP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Targa Resources (NYSE:TRGP)
Historical Stock Chart
From Jul 2023 to Jul 2024