HOUSTON, Sept. 22, 2016 (GLOBE NEWSWIRE) -- Targa Resources Partners LP, a subsidiary of Targa Resources Corp. (NYSE:TRGP), and the Partnership’s subsidiary Targa Resources Partners Finance Corporation announced today that, subject to market conditions, they intend to sell in an offering in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and to persons outside of the United States pursuant to Regulation S under the Securities Act, $800 million in aggregate principal amount of senior unsecured notes. The Partnership expects the senior notes will be issued in two separate series, maturing in 2025 and 2027, respectively. The Partnership intends to use the net proceeds from the offering, together with cash on hand and borrowings under its senior secured credit facility, if needed, to fund three concurrent cash tender offers to purchase for cash, subject to certain conditions, up to $800 million in aggregate purchase price, excluding accrued interest, of its 5% senior notes due 2018, 6.625% senior notes due 2020 and 6.875% Senior Notes due 2021. The tender offers regarding the 2020 Notes and 2021 Notes are subject to $225.0 million and $325.0 million caps, respectively. The Tender Offers are being made pursuant to an Offer to Purchase dated September 22, 2016. To the extent that the Tender Offers are not completed or the net proceeds of this offering exceed the amount needed to fund the Tender Offers, the Partnership may use the remaining net proceeds from the offering for general partnership purposes, which may include redemptions or repurchases of its outstanding notes, reducing borrowings under its senior secured credit facility, repaying other indebtedness, working capital and funding capital expenditures and acquisitions.