Targa Resources Partners LP Announces Pricing of Common Units

Targa Resources Partners LP announced that it has priced an underwritten public offering of 9,500,000 common units representing limited partner interests at $36.00 per common unit. The offering is expected to close on or about November 21, 2012. The Partnership also has granted the underwriters a 30-day option to purchase up to 1,425,000 additional common units. The Partnership intends to use the net proceeds from this offering, including any net proceeds from the underwriters' exercise of their option to purchase additional common units, to fund the Partnership's proposed acquisition of 100% of Saddle Butte Pipeline LLC's Williston Basin crude oil pipeline and terminal system and natural gas gathering and processing operations. Prior to funding the Saddle Butte Acquisition, the Partnership may use some or all of the net proceeds for general partnership purposes, which may include repayment of outstanding borrowings under its senior secured credit facility. If the Partnership does not complete the Saddle Butte Acquisition, the Partnership will use the net proceeds from the offering to reduce borrowings outstanding under its senior secured credit facility, for general partnership purposes including announced or potential growth capital expenditures or for potential future acquisitions. BofA Merrill Lynch, Barclays, Citigroup, J.P.Morgan, Morgan Stanley, UBS Investment Bank, Wells Fargo Securities and RBC Capital Markets will act as joint book-running managers for the offering.