Targa Resources LP


Subsidiary Targa Resources Partners LP commenced a cash tender offer to purchase any and all of the outstanding 5 7/8% senior notes due 2026. The purchase price per $1,000 of notes is $1,030.88 and the principal amount outstanding is about $963.2 million. The tender offer is conditioned upon the satisfaction of certain conditions, including the completion of a contemporaneous senior notes offering of at least $1.25 billion principal amount by TRGP on terms and conditions satisfactory to TRGP. Concurrently with the launch of the tender offer and subject to the same financing condition, the partnership is exercising its right to redeem, on April 22, any of the notes not validly tendered and purchased in the tender offer at a redemption price of 102.938% of the principal amount thereof plus accrued interest, pursuant to the terms of the indenture governing such notes. D.F. King & Co. Inc. is the tender agent. BofA Securities Inc. is the exclusive dealer manager.

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