In connection with its proposed merger with Atlas Pipeline Partners LP (APL), Targa Resources Partners LP commenced cash tender offers for its senior notes. Senior notes included in the cash tender offer are any and all of the outstanding:

  • $500 million aggregate principal amount of the 6.6258% senior notes due 2020;
  • $400 million aggregate principal amount of the 4.75% senior notes due 2021; and
  • $650 million aggregate principal amount of the 5.875% senior notes due 2023.

All of the senior notes were issued by APL and Atlas Pipeline Finance Corp, and solicitations of consents to certain proposed amendments to the respective indentures governing the APL notes. The tender offer is conditioned upon completion of the merger.

Targa and its subsidiary Targa Resources Partners Finance Corp. also announced the pricing of $1.1 billion of senior unsecured notes. The 5% notes mature Jan. 15, 2018, and were priced at par. The partnership plans to use the net proceeds from the offering to fund its concurrent tender offers.