Targa Resources Partners LP Announces Early Results And Extends Consent Date Of Exchange Offer And Consent Solicitation

HOUSTON, Feb. 2, 2011 (GLOBE NEWSWIRE) -- Targa Resources Partners LP ("Targa Resources Partners" or the "Partnership") (NYSE:NGLS) and its subsidiary Targa Resources Partners Finance Corporation (collectively, the "Issuers") announced today that, based on information provided by the exchange agent with respect to their private offer (the "Exchange Offer") to certain Eligible Holders (as defined below) to exchange any and all outstanding 11¼% Senior Notes due 2017 (CUSIP No. 87612BAD4) (the "Old Notes") for 6⅞% Senior Notes due 2021 (the "New Notes") to be issued by the Issuers and cash, and a solicitation of consents (the "Consent Solicitation"), the principal amount of the Old Notes that has been validly tendered and with respect to which consents ("Consents") have been validly delivered was $155,776,000, as of 5:00 p.m., New York City time, on February 1, 2011 (the "Withdrawal Date"). The Issuers also announced that they intend to accept the Old Notes tendered and Consents received, which amount satisfies the Consent Condition (as defined below), and that they are extending the consent date in connection with the Exchange Offer and Consent Solicitation until 5:00 p.m., New York City time, on February 3, 2011. The Withdrawal Date has not been extended, and the Issuers expect that the settlement for the Old Notes tendered and Consents delivered prior to the consent date will be on February 4, 2011.

Eligible Holders who tender after the consent date but at or prior to Midnight, New York City time, on February 15, 2011, subject to any extension by the Issuers (the "Expiration Date"), will be eligible to receive only the exchange price set out in the Exchange Offer Memorandum (as defined below).

The Old Notes tendered and Consents received as of the Withdrawal Date satisfy the condition (the "Consent Condition") that the Issuers receive Consents to certain proposed amendments (the "Proposed Amendments") to the indenture under which the Old Notes (the "Old Notes Indenture") were issued from holders of at least a majority of the outstanding principal amount of the Old Notes. The Proposed Amendments would eliminate substantially all of the restrictive covenants and certain events of default contained in the Old Notes Indenture.