Targa Resources makes cash tender offer for 5 1/8% notes due 2025

By Rebecca Melvin

New York, Jan. 19 – Targa Resources Partners LP, a subsidiary of Targa Resources Corp., commenced a cash tender offer for any and all of its 5 1/8% senior notes due 2025 (Cusip: 87612BBB7) on Tuesday.

Co-issuer of the notes is Targa Resources Finance Corp.

There are $480,986,000 principal amount of the notes outstanding, according to a news release.

The purchase price per $1,000 principal amount of the notes is $1,026.88.

The offer will expire at 5 p.m. ET on Feb. 1, which is also the withdrawal deadline.

Settlement of notes tendered prior to the expiration time is expected on Feb. 2. Settlement of notes tendered via a notice of guaranteed delivery is expected to be on Feb. 4.

The offer is conditioned upon 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.

BofA Securities (980 388-0539) is the dealer manager.

Targa is a Houston-based provider of midstream services.

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