Targa to repay credit facility borrowings using senior note proceeds

By Sarah Lizee

Olympia, Wash., April 5 – Targa Resources Partners LP plans to repay borrowings under its credit facilities using proceeds from a new issue, according to a press release.

The company and subsidiary Targa Resources Partners Finance Corp. intend to offer $750 million of senior notes due 2026.

Proceeds will also be used for general partnership purposes, which may include redeeming or repurchasing some of its outstanding notes, repaying other debt, working capital and funding capital expenditures and acquisitions.

Targa is a Houston-based midstream energy company.

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