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Targa Resources Partners offering $1B of notes to fund tenders for shorter-term debt

TargaResources Partners LP and its unit Targa Resources Partners FinanceCorp. are offering $1 billion of senior unsecured notes due in 2025 and 2027 tofund the partnership's cash tender offers to purchase shorter-term debt.

The offering, upsized from $800 million, is expected toclose Oct. 6 and consists of $500 million of 5.125% notes set to mature Feb. 1,2025, and $500 million of 5.375% notes set to mature Feb. 1, 2027, according toa Sept. 22 news release. Both series were priced at par Sept. 22.

The partnership intends to use net proceeds from thetransaction along with cash on hand and borrowings under its credit facility ifneed be to fund up to $1 billion in cash tender offers: up to $450 million of5% senior notes due 2018, up to $225 million of 6.625% senior notes due 2020and up to $325 million of its 6.875% senior notes due 2021. The tender offerswill expire at midnight ET on Oct. 20, unless extended or earlier terminated bythe partnership.The tenders were initially capped at $800 million when announced earlier in theday.

Targa Resources Partners is a unit of