Targa Resources moves launch of $430 million term loan to Thursday

By Sara Rosenberg

New York, Jan. 26 – Targa Resources Corp. rescheduled the bank meeting for $430 million seven-year senior secured term loan to 2:30 p.m. ET on Thursday from 10 a.m. ET on Tuesday, according to a market source.

Bank of America Merrill Lynch, RBS Securities Inc., Wells Fargo Securities LLC, ING, MUFG and Union Bank are the leads on the deal.

In addition, the company plans on getting a $670 million revolving credit facility.

Proceeds will be used to help fund the acquisition of Atlas Energy LP following the spinoff of its non-midstream assets, to pay related fees and expenses and to refinance existing debt.

Under the agreement, Targa is buying Atlas Energy for $1,869,000,000, including 10.35 million shares valued at $1,259,000,000 based on the closing price of the company’s common stock on Oct. 10, 2014, and $610 million in cash.

Closing is expected this quarter, subject to the spinoff of the non-midstream assets and customary approvals and conditions.

Targa Resources is a Houston-based midstream energy company.

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