Targa to start roadshow Thursday for $350 million eight-year fixed-, floating-rate notes

By Paul A. Harris

St. Louis, Oct. 5 - Targa Resources Inc. will begin a roadshow Thursday for its $350 million offering of eight year notes, which it plans to sell in fixed-rate and floating-rate tranches, according to a market source, who added that tranche sizes remain to be determined.

The offering is expected to price next week.

Credit Suisse First Boston, Merrill Lynch & Co. and Goldman Sachs & Co. are joint bookrunners for the Rule 144A with registration rights issue.

The company will also obtain a $1.45 billion credit facility.

Proceeds will be used to help fund Targa's acquisition of Dynegy Inc.'s midstream natural gas business for $2.35 billion.

The independent midstream energy company was formed in 2003 by management and the global private equity firm Warburg Pincus.

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