Targa Resources Partners LP (NYSE: NGLS) announced Jan. 15 the pricing of $1.1 billion of senior unsecured notes.

The Houston company and its subsidiary, Targa Resources Partners Finance Corp., priced the 5% notes that mature Jan. 15, 2018 at par. The offering is in connection with its proposed merger with Atlas Pipeline Partners LP (NYSE: APL).

Proceeds will be used to fund its concurrent tender offerings of senior notes issued by Atlas and its subsidiary, Atlas Pipeline Finance Corp.:

  • $500 million aggregate principal amount of the 6.6258% senior notes due 2020;
  • $400 million aggregate principal amount of the 4.75% senior notes due 2021; and
  • $650 million aggregate principal amount of the 5.875% senior notes due 2023.

Targa is making the tender offers in connection with, and conditioned upon, the consummation of the proposed merger with Atlas. The proposed merger with Atlas, however, is not conditioned on the consummation of the tender offers.