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

HOUSTON, Feb. 4, 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 the expiration of the early participation period in connection with 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"). Based on information provided by the exchange agent to the Issuers, the principal amount of the Old Notes that has been validly tendered and with respect to which consents ("Consents") have been validly delivered was $158,576,000, as of 5:00 p.m., New York City time, on February 3, 2011 (the "Consent Date").

The Issuers have accepted all such tendered Old Notes and Consents and, on February 4, 2011, expect to deliver $1,000 principal amount of New Notes and a cash payment in the amount of $175.00 per $1,000 principal amount of Old Notes tendered and Consents received.

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

The Exchange Offer will expire at Midnight, New York City time, on February 15, 2011, subject to any extension by the Issuers (the "Expiration Date"). In accordance with the terms of the Exchange Offer and Consent Solicitation, the withdrawal deadline relating to Old Notes tendered and Consents delivered occurred at 5:00 p.m., New York City time, on February 1, 2011. As a result, Old Notes tendered and Consents delivered may no longer be withdrawn, except where additional withdrawal rights are required by law. Eligible Holders who tender after the Consent Date but at or prior to the Expiration Date will be eligible to receive only the exchange price set out in the Exchange Offering Memorandum (as defined below).