Targa Resources plans to sell $250 million eight-year notes Tuesday

By Paul A. Harris

St. Louis, Aug. 9 - Targa Resources Partners Ltd. and Targa Resources Partners Finance Corp. will host a 10:30 a.m. ET investor call on Tuesday for their $250 million offering of eight-year senior notes (expected ratings B2/B+), according to an informed source.

The deal is expected to price Tuesday afternoon.

Bank of America Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities Inc. and Wells Fargo Securities are the joint bookrunners for the Rule 144A deal.

Barclays Capital Inc., UBS Investment Bank and RBC Capital Markets Corp. are the co-lead managers.

BNP Paribas Securities Corp., BBVA Securities Inc., Comerica Investments, ING and US Bancorp are the co-managers.

The notes come with four years of call protection and a 101% poison put.

Proceeds will be used to pay down bank debt and for general partnership purposes, which may include redeeming or repurchasing some of the partnership's outstanding notes, as well as for working capital and acquisitions.

Targa is a Houston-based natural gas midstream services company.

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