Targa Resources Partners Announces $800 Mln Senior Notes Offering

(RTTNews) - Targa Resources Partners LP (NGLS) and its subsidiary Targa Resources Partners Finance Corp. said Thursday that they plan to sell $800 million in aggregate principal amount of senior unsecured notes due 2018.

Targa Resources Partners plans to use the net proceeds from the offering to fund its concurrent tender offers for any and all of the outstanding $500.0 million aggregate principal amount of the 6 5/8% Senior Notes due 2020, $400.0 million aggregate principal amount of the 4 3/4% Senior Notes due 2021 and $650.0 million aggregate principal amount of the 5 7/8% Senior Notes due 2023 issued by Atlas Pipeline Partners, L.P. and Atlas Pipeline Finance Corp. and, if applicable, the change of control offers for the Atlas Pipeline Partners Notes pursuant to the indentures governing the notes.

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