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Targa upsizes, prices common share offering for Permian asset deal

Targa Resources Corp. upsized its common share offering to pay for its Permian asset acquisition to 8,000,000 shares, from 7,000,000, and priced the offering at $57.65 per share.

The underwriter was given a 30-day option to buy up to 1,200,000 additional shares. The expected net proceeds of about $455.7 million, or about $524.1 million if the underwriter uses its overallotment option in full, would be used to partly fund the $565 million initial cash consideration for Targa's recently announced acquisition of membership interests in companies controlling certain gathering and processing assets in the Delaware and Midland basins.

The offering is not conditioned on the closing of the Permian asset deal, and should the deal not materialize, Targa would use the proceeds from the offering for general corporate purposes such as debt repayment, acquisitions and CapEx, according to a Jan. 23 news release. Barclays Capital Inc. is acting as book-running manager in the offering.