SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): January 10, 2019
TARGA RESOURCES CORP.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of
incorporation or organization)
811 Louisiana St, Suite 2100
Houston, TX 77002
(Address of principal executive office and Zip Code)
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
|Item 1.01|| |
Entry into a Material Definitive Agreement.
On January 10, 2019, Targa Resources Partners LP (the Partnership), a subsidiary of Targa Resources Corp., entered into a Purchase Agreement (the Purchase Agreement), among the Partnership, its wholly-owned subsidiary, Targa Resources Partners Finance Corporation (Finance Corp and, together with the Partnership, the Issuers), certain subsidiary guarantors named therein (the Guarantors) and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representative of the several initial purchasers listed in Schedules 1A and 1B thereto (the Initial Purchasers), pursuant to which the Issuers agreed to issue and sell to the Initial Purchasers (the Offering) $1,500,000,000 in aggregate principal amount of senior unsecured notes, consisting of $750,000,000 of the Issuers 6 1/2% senior unsecured notes due 2027 (the 2027 Notes) and $750,000,000 of the Issuers 6 7/8% senior unsecured notes due 2029 (the 2029 Notes and, together with the 2027 Notes, the Notes). Each series of the Notes was priced at par, and the Offering is expected to result in net proceeds to the Issuers of $1,488,500,000.
The Purchase Agreement contains customary representations and warranties of the parties and indemnification and contribution provisions under which the Issuers and the Guarantors, on the one hand, and the Initial Purchasers, on the other, have agreed to indemnify each other against certain liabilities, including liabilities under the Securities Act of 1933, as amended.
The Initial Purchasers or their respective affiliates have performed investment banking, financial advisory and commercial banking services for the Partnership and certain of its affiliates, for which they have received customary compensation, and they may continue to do so in the future. The Partnership may use a portion of the net proceeds from the Offering to repay borrowings under its credit facilities. Because certain of the Initial Purchasers or their affiliates are lenders under the Partnerships credit facilities, such Initial Purchasers and affiliates may receive a portion of any net proceeds from the Offering used to repay its credit facilities. The Partnership has entered into commodity swap transactions with certain of the Initial Purchasers with terms the Partnership believes to be customary in connection with these transactions.
The description set forth above in Item 1.01 is qualified in its entirety by reference to the full text of the Purchase Agreement, which is filed herewith as Exhibit 10.1 and is incorporated herein by reference.
|Item 8.01|| |
On January 10, 2019, the Partnership issued a press release announcing the pricing of the Notes. A copy of the Partnerships press release is filed as Exhibit 99.1 hereto and is incorporated by reference into this Item 8.01.
The press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which the offer, solicitation or sale of such securities would be unlawful prior to registration or qualification under the securities laws of any such state.
|Item 9.01|| |
Financial Statements and Exhibits.
|10.1||Purchase Agreement dated as of January 10, 2019, among the Issuers, the Guarantors and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representative of the several initial purchasers (incorporated by reference to Exhibit 10.1 to Targa Resources Partners LPs Current Report on Form 8-K (File No. 001-33303) filed January 15, 2019).|
|99.1||Press release dated January 10, 2019, announcing the pricing of the Offering (incorporated by reference to Exhibit 99.1 to Targa Resources Partners LPs Current Report on Form 8-K (File No. 001-33303) filed January 15, 2019).|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|TARGA RESOURCES CORP.|
|Dated: January 15, 2019||By:|
|Jennifer R. Kneale|
|Chief Financial Officer|