Item 1.01 Entry into a Material Definitive Agreement.
On April 22, 2020, Targa Resources Partners LP (the "Partnership"), a subsidiary
of Targa Resources Corp. (the "Company"), 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 Ninth Amendment to the
Receivables Purchase Agreement (the "Purchase Agreement Amendment") 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 $400 million accounts receivable securitization facility (the "Facility")
by, among other things, (i) reducing the Facility size to $250 million,
(ii) extending the Facility Termination Date (as defined in the Purchase
Agreement Amendment) of the Facility to April 21, 2021 and (iii) providing for
the determination of an alternate interest rate to the LIBOR Market Index Rate
(as defined in the Facility) in the event of certain public statements or
publications to the effect that the administrator of the LIBOR Market Index Rate
has ceased or will cease to provide the LIBOR Market Index Rate or that the
LIBOR Market Index Rate is no longer a representative interest rate benchmark
for U.S dollar-denominated credit facilities executed at such time. As of
April 22, 2020, after giving effect to the Purchase Agreement Amendment, there
were $250 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.
The committed purchasers or their respective affiliates have performed
investment banking, financial advisory and commercial banking services for the
Company, the Partnership and certain of their affiliates, for which they have
received customary compensation, and they may continue to do so in the future.
The Company, the Partnership or their affiliates have entered into commodity
swap transactions with certain of the committed purchasers or their respective
affiliates with terms the Company and the Partnership believe to be customary in
connection with such transactions.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number Description
10.1 Ninth Amendment to Receivables Purchase Agreement, dated April 22,
2020, 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.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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