WASHINGTON (dpa-AFX) - Targa Resources Partners LP (NGLS) announced the commencement of an underwritten public offering of 4 million common units representing limited partner interests. In the offering, the Partnership expects that approximately 1.30 million common units will be sold to a subsidiary of Targa Resources Corp. (TRGP), the indirect parent of general partner, from the underwriters at the public offering price. The Partnership has also granted the underwriters a 30-day option to purchase up to 405,000 additional common units (representing 15% of the number of common units offered to the public). The Partnership intends to use the net proceeds from this offering, including any net proceeds from the underwriters' exercise of their option, to reduce borrowings under its senior secured credit facility and for general partnership purposes.
Copyright RTT News/dpa-AFX
© 2012 AFX News
