Baird served as a co-manager in this offering.
AboutTarga Resources Partners LP (NYSE: NGLS) (“Targa” and the “Partnership”) recently completed a follow-on offering of 8,000,000 common units representing limited partner interests at $33.67 per common unit. The offering generated gross proceeds of $269.4 million. The Partnership intends to use the net proceeds from this offering to reduce borrowings under its senior secured credit facility and for general partnership purposes, including working capital and acquisitions and which may include redeeming or repurchasing some of its outstanding senior notes.
Targa is engaged in the business of gathering, compressing, treating, processing and selling natural gas and storing, fractionating, treating, transporting and selling natural gas liquids, or NGLs, and NGL products. The Partnership owns an extensive network of integrated gathering pipelines and gas processing plants and currently operates along the Louisiana Gulf Coast primarily accessing the offshore region of Louisiana, the Permian Basin in West Texas and Southeast New Mexico and the Fort Worth Basin in North Texas. Additionally, Targa’s natural gas liquids logistics and marketing assets are located primarily at Mont Belvieu and Galena Park near Houston, Texas and in Lake Charles, Louisiana with terminals and transportation assets across the United States. Targa is managed by its general partner, Targa Resources GP LLC, which is indirectly wholly owned by Targa Resources Corp. (NYSE:TRGP).
For additional information about this transaction, please contact:
- January 2011
- Targa Resources Partners LP
- Target Location
- North America