Targa Resources to pay down facility borrowings, might redeem notes

By Angela McDaniels

Tacoma, Wash., Oct. 7 – Targa Resources Partners LP plans to reduce borrowings outstanding under a senior secured credit facility and may redeem or repurchase outstanding notes, according to a company news release.

The company will reduce the facility borrowings with the proceeds of $110 million of series A fixed-to-floating-rate cumulative redeemable perpetual preferred units (Ba3/B+).

Proceeds will also be used for general partnership purposes. In addition to the possible redemption or repurchase of notes, that may include paying down other debt, working capital and funding for capital expenditures and acquisitions.

Houston-based Targa Resources Partners provides midstream natural gas and natural gas liquids services.

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