Targa starts any-and-all cash tender for 6¾% notes due 2024

By Taylor Fox

New York, Aug. 11 – Targa Resources Partners LP, a subsidiary of Targa Resources Corp., commenced a cash tender offer for any and all of its 6¾% senior notes due 2024 (Cusip: 87612BAY8) on Tuesday.

There are $580.12 million principal amount of the notes outstanding, according to a news release.

The purchase price per $1,000 principal amount of the notes is $1,020.70.

The offer will expire at 5 p.m. ET on Aug. 17, which is also the withdrawal deadline.

Settlement is expected on Aug. 18.

The offer is conditioned upon the satisfaction of certain conditions, including the completion of a notes offering by the partnership.

D.F. King & Co., Inc. (800 820-2415 or 212 269-5550 for banks and brokers http://www.dfking.com/targa) is the information agent and tender agent.

Wells Fargo Securities, LLC (866 309-6316, 704 410-4756) is the dealer manager.

Targa is a Houston-based provider of midstream services.

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