Targa Resources Partners LP, a subsidiary of Targa Resources Corp., announced the expiration of its cash tender offer. The offer was to purchase any and all of its 5.875% Senior Notes due 2026.
The offer
Firstly, Targa Resources Partners LP announces on March 23rd, 2022, the commencement of a cash tender offer. The proposal was to purchase any and all of the outstanding senior notes upon the terms and conditions. These were described in the Partnership’s Offer to Purchase dated March 23, 2022.
Moreover, holders with a purchased note will receive accrued and unpaid interest thereon from the last interest payment date. This does not include the initial settlement date.
Secondly, the company announced in April the cash tender offer. As of the Expiration Time, $482,158,000 aggregate principal amount of the 2026 Notes (50.06%) were validly tendered, excluding $2,804,000 aggregate principal amount of the 2026 Notes that remain subject to guaranteed delivery procedures.
Moreover, according to the press release, The Partnership expects to accept for payment all such 2026 Notes validly tendered and not validly withdrawn in the Tender Offer. In addition, it expected to make payment for the 2026 Notes on April 6, 2022; subject to TRGP’s successful completion of its previously announced underwritten public offering of $750,000,000. In the aggregate principal amount of TRGP’s 4.200% Senior Notes due 2033 and $750,000,000 in aggregate principal amount of TRGP’s 4.950% Senior Notes due 2052.
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The settlement date for any Notes tendered pursuant to a Notice of Guaranteed Delivery was April 8, 2022. Concurrently with the launch of the Tender Offer, the Partnership exercised its right to optionally redeem, on April 22, 2022, any 2026 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 relating to the 2026 Notes, conditioned upon and subject to the satisfaction of the Financing Condition.
Targa Resources Partners LP
Targa Resources Partners LP is a leading midstream services provider; it is also one of the largest independent midstream infrastructure companies in North America. The company owns, operates, acquires, and develops a diversified portfolio of complementary domestic midstream infrastructure assets. Moreover, Targa Resources Partners LP is primary engagement is in the business of gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; transporting, storing, fractionating, treating, and buying and selling NGLs and NGL products, including services to liquified petroleum gas exporters; and gathering, storing, terminaling, and buying and selling crude oil. The company is a partnership; its parent company, TRGP formed it in October 2006. The objective of Targa Resources Partners LP is to own, operate, acquire and develop a diversified portfolio of complementary midstream infrastructure assets.
