Targa to use note offering proceeds to reduce senior credit facility

By Tali David

Minneapolis, May 9 - Targa Resources Partners LP and subsidiary Targa Resources Partners Finance Corp. plan to use the proceeds of a senior note offering to reduce borrowings under its senior secured credit facility, according to a press release.

The company will use the remaining proceeds for general partnership purposes, which may include repaying other debt, redeeming or repurchasing some of its outstanding notes, funding working capital and funding capital expenditures and acquisitions.

Targa Resources is a Houston-based provider of midstream natural gas and natural gas liquids services.

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