Targa Resources Partners LP Announces $200 Million Offering of Additional
51/4% Senior Notes Due 2023
HOUSTON, Dec. 4, 2012 (GLOBE NEWSWIRE) -- Targa Resources Partners LP ("Targa
Resources Partners" or the "Partnership") (NYSE:NGLS) and its subsidiary Targa
Resources Partners Finance Corporation announced today that, subject to market
conditions, they intend to sell in an offering in the United States to
qualified institutional buyers pursuant to Rule 144A under the Securities Act
of 1933, as amended (the "Securities Act"), $200 million in aggregate
principal amount of its 5¼% Senior Notes due 2023 (the "Additional Notes").
The Additional Notes are being offered as additional notes to the
Partnership's existing $400 million aggregate principal amount of 5¼% Senior
Notes due 2023 that the Partnership sold in a private placement on October 25,
2012. The Additional Notes and the notes issued on October 25, 2012 will be
treated as a single class of debt securities and will have identical terms,
other than the issue date. The Partnership intends to use the net proceeds
from the offering for general partnership purposes, which may include working
capital and funding acquisitions.
The securities to be offered have not been registered under the Securities
Act, or any state securities laws, and unless so registered, the securities
may not be offered or sold in the United States except pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act and applicable state securities laws. The
senior unsecured notes are expected to be eligible for trading by qualified
institutional buyers under Rule 144A. This announcement shall not constitute
an offer to sell or a solicitation of an offer to buy any of these securities,
except as required by law.
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:
Senior Vice President, Chief Financial Officer and Treasurer
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