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Targa Resources Partners prices, upsizes senior notes offering to $1.5B

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Targa Resources Partners prices, upsizes senior notes offering to $1.5B

Targa Resources Corp. unit Targa Resources Partners LP upsized its recently announced offering of senior notes to $1.5 billion, with proceeds to be used to redeem in full its outstanding senior notes due 2019.

The offering, launched with the partnership's subsidiary Targa Resources Partners Finance Corp., was previously sized at $750.0 million. The partnership priced both the announced $750.0 million of senior unsecured notes due 2027 and an additional $750.0 million of senior unsecured notes due 2029 at par, according to a Jan. 10 release.

The 2027 notes will bear an interest rate of 6.500% per year with a maturity date of July 15, 2027, while the 2029 notes will accrue interest at 6.875% per year with a maturity date of Jan. 15, 2029.

The rest of the proceeds from the offering would be used for general partnership purposes, such as debt repayment, additional working capital and funding growth investments and acquisitions.

The offering is scheduled to close Jan. 17.

Targa Resources Partners was formed by Targa Resources to own, operate and develop a portfolio of midstream energy assets, including natural gas gathering and processing and NGL fractionation.