Baird served as a co-manager in this offering.
AboutTarga Resources Partners LP (NYSE: NGLS) (“Targa Resources Partners” or the “Partnership”) recently completed a follow-on offering of 10,925,000 common units at a price of $36.00 per unit, generating gross proceeds of $393.3 million. The Partnership intends to use the net proceeds from this offering to fund a portion of the purchase price of its proposed acquisition of 100% of Saddle Butte Pipeline LLC's Williston Basin crude oil pipeline and terminal system and natural gas gathering and processing operations.
Targa Resources Partners is a leading provider of midstream natural gas and natural gas liquid services in the United States. The Partnership is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids, or NGLs, and NGL products; and storing and terminaling refined petroleum products and crude oil. 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 onshore and near offshore region of Louisiana, the Permian Basin in West Texas and Southeast New Mexico and the Fort Worth Basin in North Texas. Additionally, the Partnership's 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 Resources Partners 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:
- November 2012
- Targa Resources Partners LP
- Target Location
- North America