Targa Resources holders tender $482.16 million 5 7/8% notes due 2026

By Marisa Wong

Los Angeles, April 6 – Targa Resources Corp. announced the expiration and final results of its cash tender offer for any and all of its $963,247,000 outstanding 5 7/8% senior notes due 2026 (Cusip: 87612BBJO) with Targa Resources Partners Finance Corp. listed as a co-issuer on the notes.

As of the 5 p.m. ET on April 5 expiration time, holders had tendered $482,158,000, or 50.06%, of the notes, according to a Wednesday press release. That amount excludes $2,804,000 of notes that remain subject to guaranteed delivery procedures.

Targa said it expects to accept all of these tendered notes and expects payment to be made on April 6, subject to completion of the company’s offering of 4.2% senior notes due 2033 and 4.95% senior notes due 2052.

Settlement for any notes tendered under guaranteed delivery procedures is expected to be on April 8.

The company offered to pay $1,030.88 per $1,000 note. Interest will also be paid to the date of payment.

Targa previously issued a notice of redemption for any notes not tendered in the offer. The remaining notes will be redeemed on April 22 at 102.938.

The dealer manager for the tender offer is BofA Securities (888 292-0070, 980 387-3907, debt_advisory@bofa.com).

D.F. King & Co., Inc. (888 280-6942, 212 269-5550, targa@dfking.com) is the information and tender agent for the offer.

Targa Resources is a Houston-based midstream energy company.

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