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Targa Resources Corp | 9.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (NGLS.PRA)
Prospectus excerpt: Distributions on the Series A Preferred Units are cumulative from the date of original issue and will be payable monthly in arrears on the 15th day of each month of each year, when, as and if declared by the board of directors of our general partner. The initial distribution on the Series A Preferred Units for the period from October 15, 2015 through October 31, 2015 will be payable on November 15, 2015 in an amount equal to $0.10 per unit. Distributions on the Series A Preferred Units will be payable out of amounts legally available therefor from and including the date of original issue to, but not including, November 1, 2020, at a rate equal to 9.00% per annum of the stated liquidation preference. On and after November 1, 2020, distributions on the Series A Preferred Units will accumulate at an annual floating rate equal to the one-month LIBOR plus a spread of 7.71%. Full Prospectus PDF », Secondary Prospectus PDF », TRGP Page »
Series: | A | Alternate symbology: | NGLS-A, NGLS-PA, NGLSprA | Redeemable?: | Yes | Call Date: | 11/1/2020 (Now Trading Post Call Date) | Perpetual?: | Yes | Cumulative?: | Yes | Shares Offered: | 4,400,000 | Overallotment: | 660,000 | Liquidation Preference: | $25.00 | Original Coupon: | Distributions on the Series A Preferred Units will be payable out of amounts legally available therefor from and including the date of original issue to, but not including, November 1, 2020, at a rate equal to 9.00% per annum of the stated liquidation preference. On and after November 1, 2020, distributions on the Series A Preferred Units will accumulate at an annual floating rate equal to the one-month LIBOR plus a spread of 7.71%. | Pay Period: | Monthly | CDx3 Compliance Rating: |
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Targa Resources is a provider of midstream services and midstream infrastructure company in North America. Co. operates in two main segments: Gathering and Processing, which includes assets used in the gathering and/or purchase and sale of natural gas produced from oil and gas wells, removing impurities and processing this raw natural gas into merchantable natural gas by extracting natural gas liquids (NGL); and assets used for the gathering and terminaling and/or purchase and sale of crude oil; and Logistics and Transportation, which includes the activities and assets necessary to convert mixed NGLs into NGL products and also includes other assets and services. Preferred: NGLS.PRA Open the TRGP Information Page »
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