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Targa gets early tenders for $158.58 million 11¼% notes in exchange
By Jennifer Chiou
New York, Feb. 4 - Targa Resources Partners LP and subsidiary Targa Resources Partners Finance Corp. announced the receipt of early tenders and consents for $158,576,000 of its $231.28 million of 11¼% senior notes due 2017 in a private exchange offer.
The company is offering new 6 7/8% senior notes due 2021 and cash for the notes.
The modified consent deadline was 5 p.m. ET on Feb. 3. At the previous early deadline of 5 p.m. ET on Feb. 1, holders of $155,776,000 of notes had delivered valid consents.
Targa Resources is soliciting consents to eliminate substantially all the restrictive covenants and some events of default.
As already reported, the new notes will be fungible with the $325 million of 6 7/8% notes recently priced by the company when the exchange was announced on Jan. 19.
For each $1,000 principal amount of the existing notes, the company is offering $1,000 principal amount of new notes plus $175 in cash. The cash figure includes a consent payment of $30 that will only be paid to holders who tendered by the consent deadline.
Targa Resources will also pay accrued interest.
The offer ends at midnight ET on Feb. 15. It is subject to the company receiving consents to amend the existing notes from holders of a majority of the debt.
The offer is being conducted under Rule 144A and Regulation S.
D.F. King & Co., Inc. is the information agent and exchange agent (800 859-8508, banks and brokers call 212 269-5550).
Targa Resources is a Houston-based provider of midstream natural gas and natural gas liquids services.
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