Targa Resources Partners’ $1 Billion Notes Offering

Vinson & Elkins LLP advised Targa Resources Partners on the deal.

Targa Resources Partners LP priced an upsized offering of $1.0 billion in aggregate principal amount of senior unsecured notes due 2032 (the “2032 Notes”). The 2032 Notes will accrue interest at a rate of 4% per annum, will mature on January 15, 2032, and were priced at par. The offering is expected to close on February 2, 2021, subject to customary closing conditions.

Targa Resources Partners LP provides midstream energy services. The Company gathers, treats, processes, storages, and transports natural gas, liquids, NGLs, crude oil, and other energy products.

The V&E corporate team was led by partner Thomas Zentner (Picture) and counsel Dan Spelkin with assistance from senior associate Bo Shi and associates Jordan Fossee, Farah Chranya and Carmen Guidry. Also advising were partners James Meyer and Wendy Salinas and associate David Gilbert, as well as counsel Larry Pechacek.

Involved fees earner: Farah Chranya – Vinson & Elkins LLP; Jordan Fossee – Vinson & Elkins LLP; David Gilbert – Vinson & Elkins LLP; Carmen Guidry – Vinson & Elkins LLP; James Meyer – Vinson & Elkins LLP; Larry Pechacek – Vinson & Elkins LLP; Bo Shi – Vinson & Elkins LLP; Daniel Spelkin – Vinson & Elkins LLP; Wendy Trahan Salinas – Vinson & Elkins LLP; Thomas Zentner – Vinson & Elkins LLP;

Law Firms: Vinson & Elkins LLP;

Clients: Targa Resources Corp;

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Author: Ambrogio Visconti