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.
Recommended Reading
NOV's AI, Edge Offerings Find Traction—Despite Crowded Field
2024-02-02 - NOV’s CEO Clay Williams is bullish on the company’s digital future, highlighting value-driven adoption of tech by customers.
Halliburton Posts High Operating Margins for 2023
2024-01-24 - Halliburton’s CEO Jeff Miller says service intensity contributes to ongoing strong oilfield service fundamentals.
Offshore, International, Digital Drive 4Q Results at SLB
2024-01-22 - Offshore sector’s long-cycle developments and continued international investments contribute to upcycle.
Patterson-UTI Braces for Activity ‘Pause’ After E&P Consolidations
2024-02-19 - Patterson-UTI saw net income rebound from 2022 and CEO Andy Hendricks says the company is well positioned following a wave of E&P consolidations that may slow activity.
From Restructuring to Reinvention, Weatherford Upbeat on Upcycle
2024-02-11 - Weatherford CEO Girish Saligram charts course for growth as the company looks to enter the third year of what appears to be a long upcycle.