Targa Resources Partners prices $600M offering of senior notes

Targa Resources Partners LP (NYSE: NGLS) and its subsidiary Targa Resources Partners Finance Corp. have priced $600 million of senior unsecured notes. The 6.750% notes mature on March 15, 2024, and were priced at par. The offering is expected to close on Sept. 14.

The Partnership intends to use the net proceeds from the offering to reduce borrowings under its senior secured credit facility, and will use any remaining proceeds for general partnership purposes, which may include repaying other indebtedness, redeeming or repurchasing some of its outstanding notes, working capital, and funding capital expenditures and acquisitions.

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