Targa Resources Partners LP Prices Upsized $1.5 Billion Offering of Senior Notes
January 10 2019 - 7:26PM
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 the pricing of an upsized offering of $1.5 billion aggregate
principal amount of senior unsecured notes consisting of the
originally announced $750.0 million of senior unsecured notes due
2027 (the “2027 Notes”) and an additional $750.0 million of senior
unsecured notes due 2029 (the “2029 Notes”). The 2027 Notes will
accrue interest at a rate of 6.500% per annum, will mature on July
15, 2027, and were priced at par. The 2029 Notes will accrue
interest at a rate of 6.875% per annum, will mature on January 15,
2029, and were priced at par.
The offering is expected to close on January 17,
2019, subject to customary closing conditions. The Partnership
intends to use the net proceeds from the offering to redeem
its outstanding senior notes due 2019 in full and the
remainder for general partnership purposes, which may
include repaying borrowings under its credit facilities or other
indebtedness, working capital and funding growth investments
and acquisitions.
The securities offered have not been registered
under the Securities Act of 1933, as amended (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 pursuant
to 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 and selling natural gas; storing, fractionating,
treating, transporting and selling natural gas liquids (“NGLs”) and
NGL products, including services to liquefied petroleum gas
exporters; gathering, storing, terminaling and selling crude oil;
and storing, terminaling and selling refined petroleum
products.
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 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
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, 2017,
its Quarterly Reports on Form 10-Q for the quarters ended March 31,
2018, June 30, 2018 and September 30, 2018, 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.
For more information please go to
www.targaresources.com.
Contact the Company's investor relations department by email at
InvestorRelations@targaresources.com or by phone at (713)
584-1133.
Sanjay LadDirector – Investor Relations
Jennifer KnealeChief Financial Officer
Targa Resources (NYSE:TRGP)
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