Targa Resources Corp. announced that, subject to market conditions, it will launch syndication of a $430 million senior secured term loan maturing seven years after closing.
Targa plans to use net proceeds from the term loan issuance, in conjunction with a $670 million revolving credit facility, to:
- Finance, in part, the proposed acquisition of Atlas Energy LP after the spin-off of its non-midstream assets;
- Pay related fees and expenses; and
- Refinance existing indebtedness.
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