TARGA RESOURCES PARTNERS LP ANNOUNCES INCREASE AND AMENDMENT TO CREDIT FACILITY
TO CREDIT FACILITY
TARGA RESOURCES PARTNERS LP ANNOUNCES INCREASE AND AMENDMENT
HOUSTON, October 16, 2007 - Targa Resources Partners LP ("Targa Resources Partners" or the "Partnership") (NASDAQ: NGLS) announced today the syndication of the previously announced increase to its senior secured revolving credit facility (the "Credit Facility"). On September 20, 2007 the Partnership announced that it had agreed to acquire from Targa Resources, Inc. certain natural gas gathering and processing businesses located in West Texas and Louisiana (the "Acquisition"). In conjunction with the Acquisition, the Partnership obtained an underwritten commitment for a $250 million increase to its existing $500 million revolving credit facility.
TO CREDIT FACILITY
As of October 16, 2007 the Partnership has received commitment letters from new and existing lenders in excess of the requested $250 million increase. Upon closing of the Acquisition, total commitments under the Partnership's Credit Facility will increase from $500 million to $750 million, subject to standard closing conditions. Additionally, the Partnership has received approval from the necessary lenders, after the current increase becomes effective, for an amendment to the Credit Facility providing for an increase in the total commitments to up to $1 billion upon receipt of commitments to such increases in the future.
About Targa Resources Partners
Targa Resources Partners was recently formed by Targa Resources, Inc. ("Targa") to engage in the business of gathering, compressing, treating, processing and selling natural gas and fractionating and selling natural gas liquids and natural gas liquids products. The Partnership operates in the Fort Worth Basin in north Texas. A subsidiary of Targa is the general partner of the Partnership. Targa Resources Partners owns an extensive network of integrated gathering pipelines, two natural gas processing plants and a fractionator. Targa Resources Partners' principal executive offices are located at 1000 Louisiana, Suite 4300, Houston, Texas 77002 and its telephone number is 713-584-1000.
Certain statements in this release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside Targa Resources Partners' control, which could cause results to differ materially from those expected by management of Targa Resources Partners. Such risks and uncertainties include, but are not limited to, weather, political, economic and market conditions, including declines in the production of natural gas or in the price and market demand for natural gas and natural gas liquids, the timing and success of business development efforts, the credit risk of customers and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2006 and other reports filed with the Securities and Exchange Commission. Targa Resources Partners undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Vice President - Finance, Treasurer