Targa Resources Partners LP Announces Expiration and Final Results of Tender Offer for Its 5 1/8% Senior Notes due 2025

HOUSTON, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Targa Resources Partners LP (“Targa Resources Partners” or the “Partnership”), a subsidiary of Targa Resources Corp. (NYSE:TRGP) announced today that its previously announced cash tender offer (the “Tender Offer”) to purchase any and all of its 5 1/8% senior notes due 2025 (the “2025 Notes”) expired at 5:00 p.m., New York City time, on February 1, 2021, (the “Expiration Time”). As of the Expiration Time, $152,123,000 aggregate principal amount of the 2025 Notes (31.63%) were validly tendered, which excludes $5,816,000 aggregate principal amount of the 2025 Notes that remain subject to guaranteed delivery procedures. Targa Resources Partners expects to accept for payment all such 2025 Notes validly tendered and not validly withdrawn in the Tender Offer and expects to make payment for the 2025 Notes on February 2, 2021, subject to Targa Resources Partners’ successful completion of its previously announced debt financing transaction (the “Financing Condition”). Concurrently with the launch of the Tender Offer, Targa Resources Partners exercised its right to optionally redeem any 2025 Notes not validly tendered and purchased in the Tender Offer, pursuant to the terms of the Indenture relating to the 2025 Notes, conditioned upon and subject to satisfaction of the Financing Condition.

This press release is neither an offer to purchase nor a solicitation of an offer to sell any notes in the Tender Offer. In addition, this press release is not an offer to sell or the solicitation of an offer to buy any securities issued in connection with any contemporaneous notes offering, nor shall there be any sale of the securities issued in such offering in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Targa Resources Partners LP

Targa Resources Partners LP is a Delaware limited partnership formed in October 2006 by its parent, Targa Resources Corp. (“TRC” or the “Company”), to own, operate, acquire and develop a diversified portfolio of complementary midstream infrastructure assets. On February 17, 2016, TRC completed the acquisition of all outstanding common units of the Partnership. Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent midstream infrastructure companies in North America. The Company owns, operates, acquires and develops a diversified portfolio of complementary midstream infrastructure assets. The Company is primarily engaged in the business of: gathering, compressing, treating, processing, transporting and purchasing and selling natural gas; transporting, storing, fractionating, treating and purchasing and selling NGLs and NGL products, including services to LPG exporters; and gathering, storing, terminaling and purchasing and selling crude oil.