S&P gives Targa notes BB

S&P said it assigned its BB issue-level rating and 3 recovery rating to Targa Resources Partners LP's and subsidiary Targa Resources Partners Finance Corp.'s proposed $750 million of senior unsecured notes due in 2031. The 3 recovery rating indicates S&P’s expectation of meaningful (50%-70%; rounded estimate: 65%) recovery in a default scenario.

The partnership intends to use the proceeds to repurchase the company's 2024 notes and to repay borrowings under the company's credit facility.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.