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Market Cap £6.07bn
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Position in Universe 1021st / 6853

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

Tue 2nd February, 2021 12:25am
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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2025 Notes validly tendered and not validly withdrawn in the Tender Offer and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

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.

The principal executive offices of Targa Resources Partners LP are located at
811 Louisiana, Suite 2100, Houston, TX 77002 and their telephone number is

Forward-Looking Statements

Certain statements in this release are “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements, other than statements of historical facts, included in this
release that address activities, events or developments that the Partnership
expects, believes or anticipates will or may occur in the future are
forward-looking statements. These forward-looking statements rely on a number
of assumptions concerning future events and are subject to a number of
uncertainties, factors and risks, many of which are outside the
Partnership’s control, which could cause results to differ materially from
those expected by management of the Partnership. Such risks and uncertainties
include, but are not limited to, weather, political, economic and market
conditions, including a decline in the price and market demand for natural
gas, natural gas liquids and crude oil, the impact of pandemics such as
COVID-19, actions by the Organization of the Petroleum Exporting Countries
(“OPEC”) and non-OPEC oil producing countries, the timing and success of
business development efforts; and other uncertainties. These and other
applicable uncertainties, factors and risks are described more fully in the
Partnership’s filings with the Securities and Exchange Commission, including
its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K. The Partnership does not undertake an obligation to
update or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.

Contact the Company's investor relations department by email at
InvestorRelations@targaresources.com or by phone at (713) 584-1133.

Sanjay Lad
Vice President, Finance & Investor Relations

Jennifer Kneale
Chief Financial Officer


GlobeNewswire, Inc. 2021
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