Targa Resources to pay down revolver drawings with notes proceeds

By Sara Rosenberg

New York, Aug. 11 – Targa Resources Partners LP plans to repay outstanding revolving credit facility borrowings using a portion of the proceeds from a $1 billion senior notes offering, according to a market source.

The notes were upsized from $750 million with the additional funds earmarked for the repayment of additional revolver borrowings.

Remaining proceeds will be used to refinance existing 6¾% senior notes due 2024 via a tender offer and to pay related fees and expenses.

Targa is a Houston-based provider of midstream services.

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