TARGA RESOURCES INC. AND TARGA RESOURCES FINANCE CORPORATION ANNOUNCE TERMINATION OF TENDER OFFER AND CONSENT SOLICITATION FOR THEIR 8 1/2% SENIOR NOTES DUE 2013
HOUSTON, TEXAS, August 9, 2007 - Targa Resources, Inc. ("Targa") and Targa Resources Finance Corporation (together with Targa, the "Issuers") announced today the termination of their previously announced cash tender offer to purchase any and all of their outstanding 8 ½% Senior Notes due 2013 (the "Notes") (CUSIP No. 87611UAB7 and U87566AB8) and the related solicitation of consents from the registered holders of the Notes to certain proposed amendments to the indenture governing the Notes and to the waiver of the Issuers' and their subsidiary guarantors' obligations under a related registration rights agreement. The tender offer and consent solicitation are described in detail in the Issuers' Offer to Purchase and Consent Solicitation Statement dated July 19, 2007 (the "Statement").
The tender offer and consent solicitation were subject to certain conditions as described in the Statement, including the consummation by Targa of a new bank credit facility providing financing for the purchase of the Notes. The Issuers have concluded that such financing is not currently available on acceptable terms and therefore are terminating the tender offer and consent solicitation. As a result of the termination of the tender offer and consent solicitation, no Notes will be accepted for purchase in the tender offer and any notes that have been tendered will be promptly returned to the tendering holders.
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 Issuers expect, believe or anticipate 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 Issuers' control, which could cause results to differ materially from those expected by management of the Issuers. Such risks and uncertainties include, but are not limited to, weather, political, economic and market conditions, including declines in the production of natural gas or in the price and market demand for natural gas and natural gas liquids, the timing and success of business development efforts, the credit risk of customers and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in Targa's Annual Report for the year ended December 31, 2006, which is available to qualified institutional investors.
Investor contact:
Howard Tate
Vice President - Finance
713-584-1000
Web site: http://www.targaresources.com
Media contact:
Kenny Juarez
212-371-5999