© 2015 The Texas Lawbook.
By Natalie Posgate
(March 17) – Houston-based Targa Resources Corp. said Wednesday that it has closed a private placement offering with Stonepeak Infrastrucure Partners after upsizing it from $500 million to $1 billion.
The additional $500 million was a result of increased investor interest from other firms after the initial announcement. The preferred investor group, led by Stonepeak, now includes Blackstone Tactical Opportunities, Energy Capital Partners Mezzanine Opportunities Fund and investment companies affiliated with Tortoise Capital Advisors, and others.
The preferred investors will acquire approximately 965,100 newly authorized shares of 9.5 percent Series A Preferred Stock at $1,030 per share.
Houston Vinson & Elkins partner Chris Collins led the private placement for Targa. He received assistance from partners Michael Harrington, Ryan Carney, Judy Blissard and Darin Schultz and associates Thomas Zentner, Benji Barron, Bo Shi, James Melchers and Jason Busch.
Collins has represented Targa in multiple previous matters, including Targa’s agreement in November to purchase its limited partnership, Targa Resources Partners, for $6.7 billion.
A Houston-based team from Sidley Austin, led by corporate partner Cliff Vrielink, represented Stonepeak in the private placement. Also on the Sidley deal team were partners Tim Langenkamp and Tim Devetski and associates Tim Chandler, Jeff Kinney and Angela Herrington.
Kirkland & Ellis represented Blackstone Tactical Opportunities and Energy Capital Partners Mezzanine Opportunities Fund. Leading Blackstone’s portion of the offering were Houston corporate partner Rhett Van Syoc and tax partners in the firm’s New York office. Houston corporate partner William Benitez led the offering for Energy Capital Partners, who received tax assistance from Kirkland’s Chicago office.
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