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8-K - FORM 8-K - Targa Resources Partners LP | h79095e8vk.htm |
EX-99.2 - EX-99.2 - Targa Resources Partners LP | h79095exv99w2.htm |
Exhibit 99.1
1000 Louisiana, Suite 4300 Houston, TX 77002 713.584.1000 |
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Targa Resources Partners LP Announces $250 Million Offering of Senior Notes
HOUSTON, January 19, 2010 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), and to persons outside of the United States pursuant to
Regulation S under the Securities Act, $250 million in aggregate principal amount of senior
unsecured notes due 2021. The Partnership intends to use the net proceeds from this offering to
reduce borrowings under its senior secured credit facility and for general partnership purposes,
which may include redeeming or repurchasing some of its outstanding senior notes, as well as
financing working capital and acquisitions.
Subject to market conditions, the Partnership may commence an offer to certain eligible holders to
exchange any and all of its 11.25% senior notes due 2017 for a combination of additional notes that
we expect to be fungible with the notes to be issued in connection with this offering and an
undetermined amount of cash.
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 and
non-US persons under Regulation S. 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.
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 Partnerships Annual Report on Form 10-K for the year ended December 31, 2009 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.
Investor contact:
713-584-1133
713-584-1133
Anthony Riley
Director Finance / Investor Relations
Director Finance / Investor Relations
Matthew Meloy
Senior Vice President, Chief Financial Officer and Treasurer
Senior Vice President, Chief Financial Officer and Treasurer