Subsidiary of Targa Resources Partners to sell 8.5 million units in secondary offering
By APThursday, April 8, 2010
Targa subsidiary to offer 8.5 million units
HOUSTON — Natural gas producer Targa Resources Partners LP on Thursday said a subsidiary will sell 8.5 million common units in a secondary offering.
The units are owned by Targa LP Inc., a wholly owned subsidiary.
The underwriters are expected to be granted a 30-day option to purchase up to about 1.3 additional common units.
The parent partnership will not receive any of the proceeds from the offering and the number of outstanding common units will remain unchanged.
Barclays Capital, Bank of America Merrill Lynch, Citi, UBS Investment Bank and Wells Fargo Securities are acting as joint book-running managers for the offering.
Targa Resources Partners stock closed down 14 cents at $28.46. In aftermarket electronic trading, it dropped $1.06, or 3.7 percent, to $27.40.
