Targa Resources to pay down credit facilities with proceeds of notes

By Rebecca Melvin

New York, Jan. 19 – Targa Resources Partners LP plans to repay outstanding borrowings under the credit facilities of itself and partner, Targa Resources Partners Finance Corp., using a portion of the proceeds from a $750 million offering of senior notes due 2032, according to a market source.

The notes’ proceeds are also earmarked to finance the partnership’s tender offer for its 5 1/8% notes due 2025.

Targa is a Houston-based provider of midstream services.

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