Targa Resources Partners LP Announces Monthly Distribution on Preferred Units
November 16 2020 - 4:30PM
Targa Resources Partners LP (“Targa Resources Partners” or the
“Partnership”) (NYSE: NGLS PR A) announced its monthly distribution
on the Partnership’s 9.00% Series A Fixed-to-Floating Rate
Cumulative Redeemable Perpetual Preferred Units ("Series A
Preferred Units") for November 2020. Per the original terms of the
Series A Preferred Units, effective November 1, 2020, distributions
on the Series A Preferred Units converted from a fixed rate to an
annual floating rate equal to the one-month LIBOR plus a spread of
7.71%.
Targa Resources Partners LP announced today that
the board of directors of its general partner has declared a
monthly cash distribution of $0.1637 per Series A Preferred Unit
for November 2020. This cash distribution will be paid December 15,
2020 on all outstanding Series A Preferred Units to holders of
record as of the close of business on November 30, 2020.
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
infrastructure 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 infrastructure
companies in North America. Targa owns, operates, acquires and
develops a diversified portfolio of complementary midstream
infrastructure assets. 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.
For more information, please visit our website
at www.targaresources.com.
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, 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.
This release is intended to be a qualified
notice under Treasury Regulation Section 1.1446-4(b). Brokers and
nominees should treat one hundred percent (100.0%) of Targa
Resources Partners LP’s distributions to foreign investors as being
attributable to income that is effectively connected with a United
States trade or business. Accordingly, Targa Resources Partners
LP’s distributions to foreign investors are subject to federal
income tax withholding at the highest applicable effective tax
rate.
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
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