Targa Resources Corp. Commences Secondary Offering, 5.65M Shares (TRGP, NGLS)

Targa Resources Corp. TRGP,the owner of the general partner of Targa Resources Partners LP NGLS, announced today that it will commence a secondary offering of 5,650,000 shares of its common stock pursuant to a registration statement on Form S-1 previously filed with the Securities and Exchange Commission. The underwriters will be granted a 30-day option to purchase up to an additional 847,500 shares of common stock. Targa Resources Corp. will not receive any proceeds from the offering as all of the shares will be sold by existing stockholders of the company. Barclays Capital, Morgan Stanley, BofA Merrill Lynch, Citi and Deutsche Bank Securities will act as joint book-running managers. In addition, Credit Suisse, J.P. Morgan, Wells Fargo Securities, Raymond James, RBC Capital Markets and UBS Investment Bank will act as co-lead managers for the offering. Baird and ING will act as co-managers of the offering.