Targa Plans $250m Note Offering

Targa Resources Partners LP (NGLS - Snapshot Report), and a subsidiary, announced plans to raise $250 million in senior unsecured notes due 2017.

The midstream natural gas provider stated that the funds will be used to reduce borrowings under its senior secured credit facility and for general partnership purposes, which includes working capital financing and acquisitions.

Targa's recent performance has been affected by sluggish natural gas prices amid recessionary conditions, which led to first-quarter adjusted earnings of 18 cents per share, missing the consensus estimate by 28%.

NGLS, a Zacks #3 Rank ("Hold") stock, have advanced more than 3% so far today on volume of approximately 166,000, compared to the average daily volume of about 238,000.