TARGA RESOURCES PARTNERS LP ANNOUNCES PRICING OF UPSIZED PUBLIC OFFERING OF COMMON UNITS
HOUSTON, October 19, 2007 - Targa Resources Partners LP (NASDAQ: NGLS) ("Targa Resources Partners" or the "Partnership") announced today the pricing of the offering of 13,500,000 of its common units representing limited partner interests at $26.87 per unit. The offering was upsized from the previously announced 12,500,000 common units. The underwriters have been granted a 30-day option to purchase up to 2,025,000 additional common units. The common units trade on the NASDAQ Global Market under the symbol "NGLS." The offering is expected to close on or about October 24, 2007.
The net proceeds from this offering, together with borrowings under the Partnership's recently increased credit facility, will be used to fund the previously announced acquisition of certain natural gas gathering and processing businesses located in west Texas and Louisiana from Targa Resources, Inc. ("Targa").
Upon conclusion of the offering, the public will own approximately 74% of the outstanding limited partner units of Targa Resources Partners, or approximately 75% if the underwriters exercise in full their option to purchase additional units. Targa will indirectly own the remaining equity interests in Targa Resources Partners. Citi, Lehman Brothers Inc., Goldman, Sachs & Co. and Merrill Lynch & Co. acted as joint book-running managers of the offering. Wachovia Capital Markets LLC, UBS Investment Bank, Credit Suisse and Deutsche Bank Securities Inc. acted as senior co-managers and Raymond James, RBC Capital Markets and Sanders Morris Harris acted as co-managers for the offering.
A copy of the final prospectus related to the offering may obtained from the offices of: (i) Citigroup Global Markets Inc., Brooklyn Army Terminal, Attn: Prospectus Delivery Department, 140 58th Street, Brooklyn, New York 11220, phone: 718-765-6732; (ii) Lehman Brothers Inc., c/o Broadridge Integrated Distribution Services, Inc., 1155 Long Island Avenue, Englewood, NY 11717, via fax at 631-254-7140 or via e-mail at qiana.smith@Broadridge.com (iii) Goldman, Sachs & Co., 85 Broad Street, New York, NY 10004, via fax at 212-902-9316 or via e-mail at prospectus-ny@ny.email.gs.com; or (iv) Merrill Lynch & Co., 4 World Financial Center, Attention: Prospectus Department, New York, NY 10080; phone: 212-449-1000.
A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities law in any such state.
About Targa Resources Partners
Targa Resources Partners was formed by Targa to engage in the business of gathering, compressing, treating, processing and selling natural gas and fractionating and selling natural gas liquids and natural gas liquids products. The Partnership currently operates in the Fort Worth Basin in north Texas. A subsidiary of Targa is the general partner of the Partnership. Targa Resources Partners owns an extensive network of integrated gathering pipelines, two natural gas processing plants and a fractionator.
Targa Resources Partners' principal executive offices are located at 1000 Louisiana, Suite 4300, Houston, Texas 77002 and its telephone number is 713-584-1000.
Forward-Looking Statements
Statements about the offering are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the Partnership's control, and a variety of risks that could cause results to differ materially from those expected by management of Targa or Targa Resources Partners.
Investor Contact:
Howard Tate
Vice President - Finance, Treasurer
713-584-1000
Media Contact:
Kenny Juarez
212-371-5999