August 10, 2009 (FinancialWire) — Targa Resources Partners LP (NASDAQ: NGLS) announced the commencement of an underwritten public offering of 6,000,000 common units representing limited partner interests.

The Partnership has also granted the underwriters a 30-day option to purchase up to 900,000 additional common units. The Partnership intends to use the net proceeds from the offering for general partnership purposes, which may include reducing borrowings under its senior secured credit facility and redeeming or repurchasing some of its outstanding notes.

UBS Investment Bank, Barclays Capital and Citi will act as joint book-running managers for the offering.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.