Despite the volatile commodity prices in today’s energy market, Targa Resources Corp., a Houston-based midstream energy corporation, has found eager purchasers for its recent offering of preferred stock.
Targa recently announced in a written statement that it has received definitive agreements for the purchase of its 9.5 percent Series A preferred stock totaling approximately $1 billion. The total sales include the approximately $500 million in preferred stock purchased by New York-based Stonepeak Infrastructure Partners that Targa previously announced on February 18. Likewise, it also includes the sale of additional preferred stock resulting from investor interest after the initial announcement from funds managed by Blackstone Tactical Opportunities, Energy Capital Partners Mezzanine Opportunities Fund, investment companies affiliated with Tortoise Capital Advisors and other institutional investors.
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