HOUSTON, April 06, 2022 (GLOBE NEWSWIRE) -- Targa Resources Partners LP (“Targa Resources Partners” or the “Partnership”), a subsidiary of Targa Resources Corp. (NYSE: TRGP) announced today that its previously announced cash tender offer (the “Tender Offer”) to purchase any and all of its 5.875% Senior Notes due 2026 (the “2026 Notes”) expired at 5:00 p.m., New York City time, on April 5, 2022, (the “Expiration Time”). As of the Expiration Time, $482,158,000 aggregate principal amount of the 2026 Notes (50.06%) were validly tendered, which excludes $2,804,000 aggregate principal amount of the 2026 Notes that remain subject to guaranteed delivery procedures. The Partnership expects to accept for payment all such 2026 Notes validly tendered and not validly withdrawn in the Tender Offer and expects to make payment for the 2026 Notes on April 6, 2022, subject to TRGP’s successful completion of its previously announced underwritten public offering of (i) $750,000,000 in aggregate principal amount of TRGP’s 4.200% Senior Notes due 2033 and (ii) $750,000,000 in aggregate principal amount of TRGP’s 4.950% Senior Notes due 2052 (the “Financing Condition”), which is expected to close today. The settlement date for any notes tendered pursuant to a Notice of Guaranteed Delivery is expected to be on April 8, 2022. Concurrently with the launch of the Tender Offer, the Partnership exercised its right to optionally redeem, on April 22, 2022, any 2026 Notes not validly tendered and purchased in the Tender Offer at a redemption price of 102.938% of the principal amount thereof plus accrued interest, pursuant to the terms of the Indenture relating to the 2026 Notes, conditioned upon and subject to satisfaction of the Financing Condition.