Targa Resources Partners LP Announces Full Redemption of 9.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
HOUSTON, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Targa Resources Partners LP (the “Partnership”), a subsidiary of Targa Resources Corp. (NYSE: TRGP) (the “Company”), today announced that it intends to
redeem all $125 million of its 5,000,000 issued and outstanding 9.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the “Series A Preferred Units”) (CUSIP: 87611X
204). Series A Preferred Units held through the Depository Trust Company will be redeemed in accordance with the applicable procedures of the Depository Trust Company. The redemption of the Series
A Preferred Units is consistent with the Company’s ongoing efforts to simplify its capital structure and to identify opportunities to generate additional free cash flow by enabling the Company to
realize significant annual cash savings associated with both the redemption and the lower general and administrative expenses attributable to reduced administrative requirements, with 2020 being
the final year tax packages, including Schedule K-1s, would need to be prepared by the Company.
The redemption date will be December 21, 2020 (the “Redemption Date”). The Series A Preferred Units will be redeemed at a redemption price of $25.00 per share, plus an amount equal to all accumulated and unpaid distributions thereon to the date of redemption, whether or not declared (the “Redemption Consideration”), which will be payable in cash on the Redemption Date. After the Redemption Date, Series A Preferred Units will no longer be deemed outstanding and all of the rights of the holders of Series A Preferred Units will terminate, except the right to receive the Redemption Consideration. Furthermore, because all of the issued and outstanding shares of Series A Preferred Units are being redeemed, trading of the Series A Preferred Units on the New York Stock Exchange (the “NYSE”) will cease after the Redemption Date. The Series A Preferred Units currently trade on the NYSE under the symbol “NGLS/PA”.
The notice of redemption and related materials are being mailed to holders of record of Series A Preferred Units as of November 19, 2020. As specified in the notice of redemption, payment of the Redemption Consideration will be made only upon presentation and surrender of the certificates representing the Series A Preferred Units to the redemption agent, Computershare Trust Company, N.A. Questions regarding the redemption of the Series A Preferred Units, or the procedures therefore, may be directed to Computershare Trust Company, N.A. at:
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