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Targa Resources Partners LP To Acquire 100% Of Saddle Butte Pipeline, LLC's Ownership Of Williston Basin Crude Oil Pipeline And Terminal System And Natural Gas Gathering And Processing Operation

Thursday, 15 Nov 2012 06:12am EST 

Targa Resources Partners LP announced that it has agreed to acquire 100% of Saddle Butte Pipeline, LLC's ownership of its Williston Basin crude oil pipeline and terminal system and its natural gas gathering and processing operations for cash consideration of $950 million, subject to customary purchase price adjustments and certain contingent payments. The transaction is expected to close during the fourth quarter of 2012. The business to be acquired is located in the heart of the oil-rich Bakken Shale Play in McKenzie, Dunn, and Mountrail counties, North Dakota and includes approximately 155 miles of crude oil pipelines. The business has combined crude oil operational storage capacity of 70,000 barrels, including the Johnsons Corner Terminal with 20,000 barrels of storage capacity (expanding to 40,000 barrels) and Alexander Terminal with storage capacity of 30,000 barrels. Over time, the Partnership expects to fund the acquisition and associated growth capital expenditures consistent with its stated financial strategy of approximately 50% debt and 50% equity. Current liquidity pro forma for the October 2012 offering of 5.25% Senior Notes due 2023 and redemption of the 8.25% Senior Notes due 2016 is over $1.1 billion. Evercore Partners acted as advisor to the Partnership with respect to the transaction. 

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