Targa Resources Completes Private Placement Of 5% Senior Notes, Due 2028 For US$750 Million

Published: Oct 10 2017
Deal Summary

Targa Resources Partners LP, a midstream energy company and a subsidiary of Targa Resources Corp., completed the private placement of 5% senior unsecured notes, due January 15, 2028, for gross proceeds of US$750 million (MM). The notes were priced at 100% of the principal amount. Interest on the notes will be payable semi-annually in arrears on each January 15 and July 15 of each year, beginning from July 15, 2018.

The company intends to use the proceeds from the placement to redeem its 5% senior notes due 2018, to repay borrowings under its credit facilities, and for general corporate purposes.

Deal history

Completed: On October 17, 2017, Targa Resources completed the private placement of 5% senior unsecured notes, due January 15, 2028, for gross proceeds of US$750 MM.

Pricing: On October 10, 2017, Targa Resources priced the private placement of 5% senior unsecured notes, due January 15, 2028, for gross proceeds of US$750 MM.

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