Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Paydowns > Headlines for Altisource Solutions Sarl > News item |
Targa to pay down revolver, term loan debt using stock sale proceeds
By Marisa Wong
Madison, Wis., March 16 – Targa Resources Corp. plans to repay a portion of the outstanding borrowings under its credit facility using proceeds from an offering of common stock, according to a 424B5 filing with the Securities and Exchange Commission.
As of March 10, the company had about $475 million of outstanding borrowings under its revolver due February 2020 and about $430 million of outstanding borrowings under its term loan due February 2022.
The outstanding borrowings to be repaid were incurred primarily in connection with Targa’s merger with Atlas Pipeline.
An affiliate of Barclays is a lender under the credit facility.
Proceeds from the $295.75 million public stock offering will also be used to make a capital contribution of approximately $53 million to Targa Resources Partners LP to maintain a 2% general partnership interest and for general corporate purposes.
Targa Resources is a Houston-based midstream energy company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.