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Targa Resources Partners LP Announces Pricing of Common Units



Targa Resources Partners LP Announces Pricing of Common Units

HOUSTON, Nov. 15, 2012 (GLOBE NEWSWIRE) -- Targa Resources Partners LP ("Targa
Resources Partners" or the "Partnership") (NYSE:NGLS) announced today that it
has priced an underwritten public offering of 9,500,000 common units
representing limited partner interests at $36.00 per common unit. The offering
is expected to close on or about November 21, 2012. The Partnership also has
granted the underwriters a 30-day option to purchase up to 1,425,000
additional common units. The Partnership intends to use the net proceeds from
this offering, including any net proceeds from the underwriters' exercise of
their option to purchase additional common units, to fund the Partnership's
proposed acquisition of 100% of Saddle Butte Pipeline LLC's Williston Basin
crude oil pipeline and terminal system and natural gas gathering and
processing operations (the "Saddle Butte Acquisition"). Prior to funding the
Saddle Butte Acquisition, the Partnership may use some or all of the net
proceeds for general partnership purposes, which may include repayment of
outstanding borrowings under its senior secured credit facility. If the
Partnership does not complete the Saddle Butte Acquisition, the Partnership
will use the net proceeds from the offering to reduce borrowings outstanding
under its senior secured credit facility, for general partnership purposes
including announced or potential growth capital expenditures or for potential
future acquisitions.

BofA Merrill Lynch, Barclays, Citigroup, J.P. Morgan, Morgan Stanley, UBS
Investment Bank, Wells Fargo Securities and RBC Capital Markets will act as
joint book-running managers for the offering.

When available, copies of the prospectus supplement and accompanying base
prospectus relating to the offering may be obtained free of charge by visiting
EDGAR on the Securities and Exchange Commission's website at www.sec.gov or
from the underwriters as follows:

  * BofA Merrill Lynch, Attention: Prospectus Department, 222 Broadway, New
    York, NY 10038. By email at dg.prospectus_requests@baml.com;
  * Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Ave.
    Edgewood, NY 11717. By email at barclaysprospectus@broadridge.com, or
    Toll-Free: (888) 603-5847;
  * Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Ave.
    Edgewood, NY 11717. By email at batprospectusdept@citi.com, or Toll-Free:
    (800) 831-9146;
  * J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Ave.,
    Edgewood, NY 11717. Toll-Free: (866) 803-9204;
  * Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, 2nd
    Floor, New York, NY 10014, Email: prospectus@morganstanley.com, or
    Toll-Free: (866) 718-1649;
  * UBS Investment Bank, Attention: Prospectus Dept., 299 Park Avenue, New
    York, NY 10171. Toll-Free: (877) 827-6444, ext. 561 3884;
  * Wells Fargo Securities, Attention: Equity Syndicate Dept., 375 Park
    Avenue, New York, NY 10152. Email: cmclientsupport@wellsfargo.com, or
    Toll-Free (800) 326-5897; or
  * RBC Capital Markets, LLC, Attn: Prospectus Department, Three World
    Financial Center, 200 Vesey Street, 8th Floor, New York, NY 10281-8098. By
    telephone (877) 822-4089.

The common units were offered and sold pursuant to an effective shelf
registration statement previously filed with the Securities and Exchange
Commission. This press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities described herein, nor shall
there be any sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction. The offering
is being made only by means of a prospectus and related prospectus supplement.

About Targa Resources Partners

Targa Resources Partners is a publicly traded Delaware limited partnership
that is a leading provider of midstream natural gas and natural gas liquid
services in the United States. The Partnership is engaged in the business of
gathering, compressing, treating, processing and selling natural gas; storing,
fractionating, treating, transporting and selling natural gas liquids, or
NGLs, and NGL products; and storing and terminaling refined petroleum products
and crude oil. The Partnership owns an extensive network of integrated
gathering pipelines and gas processing plants and currently operates along the
Louisiana Gulf Coast primarily accessing the onshore and near offshore region
of Louisiana, the Permian Basin in West Texas and Southeast New Mexico and the
Fort Worth Basin in North Texas. Additionally, the Partnership's logistics and
marketing assets are located primarily at Mont Belvieu and Galena Park near
Houston, Texas and in Lake Charles, Louisiana with terminals and
transportation assets across the United States. Targa Resources Partners is
managed by its general partner, Targa Resources GP LLC, which is indirectly
wholly owned by Targa Resources Corp.

Targa Resources Partners' principal executive offices are located at 1000
Louisiana, Suite 4300, Houston, Texas 77002 and its telephone number is
713-584-1000.

Forward-Looking Statements

Certain statements in this release are "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. All statements, other
than statements of historical facts, included in this release that address
activities, events or developments that the Partnership expects, believes or
anticipates will or may occur in the future are forward-looking statements.
These forward-looking statements rely on a number of assumptions concerning
future events and are subject to a number of uncertainties, factors and risks,
many of which are outside Targa Resources Partners' control, which could cause
results to differ materially from those expected by management of Targa
Resources Partners. Such risks and uncertainties include, but are not limited
to, weather, political, economic and market conditions, including a decline in
the price and market demand for natural gas and natural gas liquids, the
timing and success of business development efforts; and other uncertainties.
These and other applicable uncertainties, factors and risks are described more
fully in the Partnership's Annual Report on Form 10-K for the year ended
December 31, 2011 and other reports filed with the Securities and Exchange
Commission. Targa Resources Partners undertakes no obligation to update or
revise any forward-looking statement, whether as a result of new information,
future events or otherwise.

CONTACT: Investor contact:
         713-584-1133
        
         Matt Meloy
         Senior Vice President, Chief Financial Officer and Treasurer
        
         Joe Brass
         Director, Finance
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