Targa to draw on revolver for purchase of interest in Venice Energy

By Sara Rosenberg

New York, Sept. 14 - Targa Resources Partners LP plans to use borrowings under its senior secured revolving credit facility to fund the acquisition of a 76.8% ownership interest in Venice Energy Services Co. from Targa Resources Inc., according to a news release.

The total value of the transaction is about $167.5 million, subject to certain adjustments.

The transaction, which is subject to customary conditions, is anticipated to close this month.

Targa Resources is a Houston-based natural gas and natural gas liquids company.

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