HOUSTON, July 19, 2010 (GLOBE NEWSWIRE) -- Targa Resources Partners LP (NYSE:NGLS) ("Targa Resources Partners" or the "Partnership") today announced the execution of a new, five year $1,100 million senior secured revolving credit facility ("credit facility") with a syndicate of banks led by Banc of America Securities LLC, RBS Securities Inc. and Wells Fargo Securities, LLC, as Joint Lead Arrangers, and Barclays Bank PLC and Deutsche Bank Securities Inc., as Co-Documentation Agents. Bank of America, N.A. will be the administrative agent of the new credit facility.
The new credit facility, which matures July 2015, amends and restates the Partnership's former $977.5 million senior secured revolving credit facility due February 2012. As of June 30, 2010 and pro forma for the closing of the new credit facility, the Partnership had $729.8 million of borrowings under the credit facility and $115.6 million of letters of credit leaving available capacity under the new credit facility of $254.6 million.
About Targa Resources Partners
Targa Resources Partners was 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. Targa Resources Partners owns an extensive network of integrated gathering pipelines and natural gas processing plants and currently operates in the Permian Basin in West Texas, the Fort Worth Basin in North Texas and the Louisiana Gulf Coast primarily accessing the offshore region of Louisiana. Additionally, our 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.
Targa Resources Partners' 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.