Moody's rates Targa notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to Targa Resources Partners LP's proposed $625 million senior unsecured notes due 2023. The bonds were co-issued by Targa Resources Partners Finance Corp.

Targa's other ratings remain unchanged and the outlook remains stable.

Net proceeds from the senior notes offering will be used to reduce approximately $565 million outstanding balance under the partnership's $1.2 billion senior secured revolving credit facility, and for general partnership purposes. After applying the proceeds, Targa is expected to have about $1.1 billion of revolver availability.

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