Targa Resources selling $400 million 10.5-year notes on Monday

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Oct. 22 - Targa Resources Partners LP and Targa Resources Partners plan to price $400 million 10.5-year senior notes (existing ratings Ba3/BB) on Monday, according to a market source.

Bank of America Merrill Lynch, Deutsche Bank Securities Inc., Wells Fargo Securities LLC, Barclays, and RBS Securities Inc. are the joint bookrunners.

Citigroup Global Markets Inc., RBC Capital Markets LLC, Goldman Sachs & Co., Morgan Stanley & Co. LLC and UBS Securities LLC are the senior co-managers.

Comerica, ING Financial Markets LLC, Natixis Securities North America Inc., SMBC and U.S. Bancorp Investments Inc. are the co-managers.

The Rule 144A notes will be non-callable for five years and carry a 101% poison put.

The midstream natural gas and natural gas liquids services provider will use the proceeds to fund the call for the company's 8¼% notes due 2016, to repay bank debt and for general corporate purposes.

Targa Resources is based in Houston.

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