HOUSTON, April 27, 2010 (GLOBE NEWSWIRE) -- Targa Resources, Inc. ("Targa" or the "Company") announced today that it has completed the previously announced sale to Targa Resources Partners LP ("NGLS" or the "Partnership") (NYSE:NGLS) of certain natural gas gathering and processing businesses located in West Texas known as Targa's West Texas Assets and certain of its Louisiana Coastal Straddle Plants. Total value of the transaction was approximately $420 million, subject to certain adjustments. In addition to the asset sale to the Partnership, Targa closed a secondary offering of 8.5 million of its NGLS common units on April 14, 2010. As a result of the asset sale to the Partnership and the secondary offering, Targa has reduced the outstanding balance of its $500 million Term Loan to $240.7 million.
About Targa Resources, Inc.
Targa, together with the Partnership, is a leading provider of midstream natural gas and natural gas liquid, or NGL, services in the United States, through an integrated platform of midstream assets. Targa's gathering and processing assets are located primarily in the Permian Basin in West Texas and Southeast New Mexico, and, through Targa Resources Partners LP, Targa's publicly traded master limited partnership, the Fort Worth Basin in North Texas, the Permian Basin in West Texas and the Louisiana Gulf Coast primarily accessing the offshore region of Louisiana. Additionally, Targa Resources Partners LP's natural gas liquids logistics and marketing assets are located primarily at Mont Belvieu and Galena Park near Houston, Texas and in Lake Charles, Louisiana with terminals and transportation assets across the United States. A subsidiary of Targa is the general partner of Targa Resources Partners LP.
Targa's principal executive offices are located at 1000 Louisiana, Suite 4300, Houston, Texas 77002 and its telephone number is 713-584-1000. For more information, visit www.targaresources.com.