UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): January 19, 2021

TARGA RESOURCES PARTNERS LP

(Exact name of registrant as specified in its charter)

Delaware	001-33303	65-1295427
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification No.)
(State or other jurisdictionof incorporation or organization)	(CommissionFile Number)	(IRS EmployerIdentification No.)

811 Louisiana St, Suite 2100

Houston, TX 77002

(Address of principal executive office and Zip Code)

(713) 584-1000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

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Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
None	None	None

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 71.01 ~~Regulation~~Entry FDinto ~~Disclosure~~a Material Definitive Agreement.

InPurchase ~~connection~~Agreement with the proposed offering of senior notes described in Item 8.01 below, Targa Resources Partners LP (the “Partnership”), a subsidiary of Targa Resources Corp. (the “Company”), prepared a preliminary offering memorandum containing certain information with respect to the Partnership and the Company to be distributed to prospective investors in the offering. An excerpt of such information is included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated into this Item 7.01 by reference.

~~Certain statements in this Current Report on Form 8-K are “forward-looking~~On ~~statements” within the meaning of Section~~January ~~27A of the Securities Act of 1933~~19, ~~as amended~~2021, ~~and~~Targa ~~Section 21E~~Resources ofPartners LP (the ~~Securities~~“Partnership”), ~~Exchange~~a ~~Act~~subsidiary of ~~1934,~~Targa asResources ~~amended~~Corp. ~~All statements~~(“Targa”), ~~other~~entered ~~than~~into ~~statements~~a ofPurchase ~~historical~~Agreement ~~facts,~~(the ~~included~~“Purchase ~~in this Current Report on Form 8-K that address activities~~Agreement”), ~~events~~among ~~or developments that~~ the Partnership ~~expects~~, ~~believes or anticipates will or may occur in the future, are forward-looking statements. These~~its ~~forward~~wholly-~~looking~~owned ~~statements~~subsidiary, ~~rely~~Targa onResources aPartners ~~number~~Finance ofCorporation ~~assumptions~~(“Finance ~~concerning~~Corp” ~~future events~~ and ~~are subject to a number of uncertainties~~, ~~factors~~together ~~and~~with ~~risks, many of which are outside~~ the Partnership~~’s control~~, ~~which~~the ~~could~~“Issuers”), ~~cause~~certain ~~results~~subsidiary toguarantors ~~differ materially~~named ~~from~~therein ~~those expected by management of~~ (the ~~Partnership.~~“Guarantors”) ~~Such risks~~ and ~~uncertainties include~~BofA Securities, ~~but are not limited to~~Inc., ~~weather,~~as ~~political,~~representative ~~economic~~of ~~and~~the ~~market~~several ~~conditions,~~initial ~~including~~purchasers alisted ~~decline~~ in ~~the~~Schedule ~~price~~1 ~~and~~thereto ~~market~~(the ~~demand~~“Initial ~~for natural gas~~Purchasers”), ~~natural~~ ~~gas~~pursuant ~~liquids~~to ~~and~~which ~~crude oil,~~ the ~~impact~~Issuers ofagreed ~~pandemics~~to ~~such~~issue asand ~~COVID-19,~~sell ~~actions~~to by the ~~Organization~~Initial ofPurchasers (the ~~Petroleum Exporting Countries (~~“~~OPEC~~Offering”) ~~and~~ ~~non-OPEC oil producing countries~~$1,000,000,000 ~~the~~in ~~timing~~aggregate ~~and~~principal ~~success~~amount of ~~business~~the ~~development~~Issuers’ ~~efforts;~~4% ~~and~~senior ~~other~~unsecured ~~uncertainties.~~notes ~~These~~due ~~and~~2032 ~~other applicable uncertainties, factors and risks are described more fully in~~ (the ~~Partnership’s~~ ~~filings~~“Notes”). ~~with~~The ~~the~~Notes ~~Securities~~were ~~and~~priced ~~Exchange~~at ~~Commission~~par, ~~including~~and ~~its Annual Report on Form 10-K for~~ the ~~year~~Offering ~~ended~~is ~~December 31,~~expected ~~2019,~~to ~~and~~result ~~any~~in ~~subsequently~~net ~~filed~~proceeds ~~Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Partnership does not undertake an obligation~~ to ~~update~~the orIssuers ~~revise any forward-looking statement, whether as a result~~ of ~~new information~~$992, ~~future events or otherwise~~300,000.

The ~~information~~Purchase inAgreement ~~Item~~contains ~~7.01~~customary ofrepresentations ~~this~~and ~~Current~~warranties ~~Report~~of ~~on Form~~the ~~8-K~~parties and ~~the~~indemnification ~~attached~~and ~~Exhibit~~contribution ~~99.1~~provisions isunder which ~~being~~the ~~“furnished”~~Issuers and ~~shall~~the ~~not~~Guarantors, beon ~~deemed~~the toone behand, ~~“filed”~~and ~~for purposes of Section 18 of~~ the ~~Securities~~Initial ~~Exchange Act of 1934~~Purchasers, ason ~~amended, or otherwise subject to~~ the ~~liabilities of that section~~other, ~~and~~have isagreed ~~not~~to ~~incorporated~~indemnify byeach ~~reference~~other ~~into~~against ~~any~~certain ~~Partnership filing~~liabilities, ~~whether~~including ~~made~~liabilities ~~before~~under ~~or after~~ the ~~date~~Securities ~~hereof,~~Act ~~regardless~~ of ~~any~~1933, ~~general~~as ~~incorporation language in such filing~~amended.

Relationships

The Initial Purchasers or their respective affiliates have performed investment banking, financial advisory and commercial banking services for the Partnership and certain of its affiliates, for which they have received customary compensation, and they may continue to do so in the future. The Partnership intends to use a portion of the net proceeds from the Offering to fund the concurrent cash tender offer (the “Tender Offer”) to purchase for cash, subject to certain conditions, any and all of the Partnership’s 5 1/8% Senior Notes due 2025 (the “2025 Notes”), to pay fees, expenses and premiums thereof, and to redeem any 2025 Notes that remain outstanding after consummation of the Tender Offer. The Partnership will use the remaining net proceeds from the Offering to reduce borrowings under the Partnership’s senior secured revolving credit facility (the “TRP Credit Facility”) and Targa’s senior secured revolving credit facility (the “TRC Credit Facility”). Because certain of the Initial Purchasers or their affiliates are lenders under the TRP Credit Facility and the TRC Credit Facility and may be holders of (or manage accounts that hold) the notes subject to the Tender Offer, such Initial Purchasers and affiliates will receive a portion of the net proceeds from the Offering. The Partnership has entered into commodity swap transactions with certain of the Initial Purchasers with terms the Partnership believes to be customary in connection with these transactions.

The description set forth above in Item 1.01 is qualified in its entirety by reference to the full text of the Purchase Agreement, which is filed herewith as Exhibit 10.1 and is incorporated herein by reference.

Item 8.01

Other Events.

On January 19, 2021, the Partnership issued a press release announcing the pricing of the Notes. ~~Offering~~A copy of the Partnership’s press release is filed as Exhibit 99.1 hereto and is incorporated by reference into this Item 8.01.

OnThe ~~January 19, 2021, the Partnership issued a~~ press release ~~announcing~~shall ~~that,~~not ~~subject~~constitute an offer to ~~market~~sell ~~conditions,~~or the ~~Partnership~~solicitation ~~intended~~of toan offer ~~senior~~to ~~unsecured~~buy, ~~notes~~nor ~~due~~shall ~~2032~~there be any sale of these securities in aany ~~private~~state ~~offering~~in towhich ~~eligible~~the ~~purchasers.~~offer, Asolicitation ~~copy~~or sale of ~~the~~such ~~Partnership’s~~securities ~~press release~~would isbe ~~filed~~unlawful asprior ~~Exhibit~~to ~~99.2~~registration ~~and~~or isqualification ~~incorporated~~under inthe securities ~~this~~laws ~~Item~~of ~~8.01~~any bysuch ~~reference~~state.

Tender Offer

On January 19, 2021, the Partnership issued a press release announcing the commencement of an offer to purchase for cash (the “Tender Offer”) any and all of its outstanding 5 1/8% Senior Notes due 2025 (the “2025 Notes”). The terms and conditions of the Tender Offer are described in an Offer to Purchase, dated January 19, 2021. A copy of the press release is filed as Exhibit 99.3 and is incorporated in this Item 8.01 by reference.

Each of the press releases shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

ExhibitNumber		Description
99.1		Offering memorandum excerpt
10.1		Purchase Agreement dated as of January 19, 2021, among the Issuers, the Guarantors and BofA Securities, Inc. as representative of the several initial purchasers.
99.2		Press release dated January 19, 2021, announcing the launch of the Offering.
99.1		Press release dated January 19, 2021, announcing the pricing of the Offering.
99.3		Press release dated January 19, 2021, announcing the commencement of the Tender Offer.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: January 19 22, 2021

TARGA RESOURCES PARTNERS LP By: Targa Resources GP LLC, its general partner By: /s/ Jennifer R. Kneale Jennifer R. Kneale Chief Financial Officer

Filing Compare · Targa Resources Partners LP