TARGA RESOURCES PARTNERS LP (NYSE:NGLS) Files An 8-K Entry into a Material Definitive Agreement
Item1.01
| Entry into a Material Definitive Agreement. |
On December9, 2016, Targa Resources Partners LP (the Partnership)
and Targa Receivables LLC, a bankruptcy-remote special purpose
entity that is an indirect wholly-owned subsidiary of the
Partnership (the SPV), entered into a Fifth Amendment (the
Purchase Agreement Amendment) to the Receivables Purchase
Agreement (the Purchase Agreement) among the SPV, as seller, the
Partnership, as servicer, the conduit purchasers, the committed
purchasers, the purchaser agents and the LC participants party
thereto and PNC Bank, National Association, as administrator and
LC Bank, which amends the $225 million accounts receivable
securitization facility (the Facility) by, among other things,
(i)extending the Facility Termination Date (as defined in the
Purchase Agreement Amendment) of the Facility to December8, 2017,
(ii)increasing the Purchase Limit (as defined in the Purchase
Agreement) of the Facility to $275 million and (iii)adding a new
Purchaser Group consisting of Wells Fargo Bank, National
Association, as Committed Purchaser, LC Participant and as
Purchaser Agent (as defined in the Purchase Agreement). As of
December9, 2016, after giving effect to the Purchase Agreement
Amendment, there were $275 million of trade receivable purchases
outstanding under the Facility. A copy of the Purchase Agreement
Amendment is filed as Exhibit 10.1 to this Current Report on Form
8-K.
The foregoing description of the Purchase Agreement Amendment
does not purport to be complete and is qualified in its entirety
by reference to the full text of the Purchase Agreement
Amendment, which is incorporated by reference herein.
Item9.01 |
Financial Statements and Exhibits. |
(d) |
Exhibits. |
ExhibitNumber |
Description |
|
| 10.1 |
Fifth Amendment to Receivables Purchase Agreement, dated December 9, 2016, by and among Targa Receivables LLC, as seller, the Partnership, as servicer, the various conduit purchasers, committed purchasers, purchaser agents and LC participants party thereto and PNC Bank, National Association, as administrator and LC Bank. |
About TARGA RESOURCES PARTNERS LP (NYSE:NGLS)
Targa Resources Partners LP is a provider of midstream natural gas and natural gas liquid (NGL) services in the United States with a presence in crude oil gathering and petroleum terminaling. The Company is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling NGLs and NGL products, including services to liquefied petroleum gas (LPG) exporters; gathering, storing and terminaling crude oil, and storing, terminaling and selling refined petroleum products. The Company operates in two divisions: Gathering and Processing, and Logistics and Marketing. The Gathering and Processing division consists of two segments: Field Gathering and Processing, and Coastal Gathering and Processing. The Logistics and Marketing division consists of two segments: Logistics Assets and Marketing and Distribution. TARGA RESOURCES PARTNERS LP (NYSE:NGLS) Recent Trading Information
TARGA RESOURCES PARTNERS LP (NYSE:NGLS) closed its last trading session 00.00 at 10.64 with 24,309,723 shares trading hands.
