Targa Resources Partners LP Announces Expiration and Final Results of Tender Offer for its 5.875% Senior Notes due 2026
April 06 2022 - 8:45AM
Targa Resources Partners LP (“Targa Resources Partners” or the
“Partnership”), a subsidiary of Targa Resources Corp. (NYSE: TRGP)
announced today that its previously announced cash tender offer
(the “Tender Offer”) to purchase any and all of its 5.875% Senior
Notes due 2026 (the “2026 Notes”) expired at 5:00 p.m., New York
City time, on April 5, 2022, (the “Expiration Time”). As of the
Expiration Time, $482,158,000 aggregate principal amount of the
2026 Notes (50.06%) were validly tendered, which excludes
$2,804,000 aggregate principal amount of the 2026 Notes that remain
subject to guaranteed delivery procedures. The Partnership expects
to accept for payment all such 2026 Notes validly tendered and not
validly withdrawn in the Tender Offer and expects to make payment
for the 2026 Notes on April 6, 2022, subject to TRGP’s successful
completion of its previously announced underwritten public offering
of (i) $750,000,000 in aggregate principal amount of TRGP’s 4.200%
Senior Notes due 2033 and (ii) $750,000,000 in aggregate principal
amount of TRGP’s 4.950% Senior Notes due 2052 (the “Financing
Condition”), which is expected to close today. The settlement date
for any notes tendered pursuant to a Notice of Guaranteed Delivery
is expected to be on April 8, 2022. Concurrently with the launch of
the Tender Offer, the Partnership exercised its right to optionally
redeem, on April 22, 2022, any 2026 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 relating to the 2026 Notes, conditioned upon
and subject to satisfaction of the Financing Condition.
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 infrastructure 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 liquified petroleum gas
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)
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