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Targa Resources gets needed consents from holders of its 8½% notes
By Susanna Moon
Chicago, Dec. 21 - Targa Resources, Inc. said holders had delivered $249,995,000, or 99.998%, of the $250 million principal amount of 8½% senior notes due 2013 co-issued by the company and Targa Resources Finance Corp. as of 5 p.m. ET on Dec. 18, the consent deadline.
As a result, the issuers and Wells Fargo Bank, NA, as trustee, executed a supplemental indenture that eliminates substantially all restrictive covenants and event-of-default provisions. The supplemental indenture will become operative on the purchase date.
The tender offer and consent solicitation for the 8½% notes began on Dec. 7.
Consents were needed from holders of at least a majority of the notes.
The purchase price is $1,043.75 per $1,000 principal amount of notes plus accrued interest up to but excluding the settlement date. This amount includes a consent payment of $30.00 for each note tendered by the consent payment deadline.
Holders who tender their notes will be deemed to have consented, and holders may not deliver consents without tendering their notes.
The tender offer will expire at midnight ET on Jan. 5.
The offer is subject to customary conditions, including, among other things, a financing condition that the company receives borrowings from its concurrent proposed refinancing of its existing senior secured credit facility.
The company previously said it planned to fund the purchase of the notes with a portion of the borrowings it receives from the proposed refinancing of the credit facility and cash on hand.
Citadel Securities LLC (877 660-1735 or 212 651-7700) is the dealer manager and solicitation agent, and MacKenzie Partners, Inc. (800 322-2885 or 212 929-5500) is the information agent and depositary.
Targa provides midstream natural gas and natural gas liquid services and is based in Houston.
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