お知らせ • Jul 31
Targa Resources Corp. (NYSE:TRGP) completed the acquisition of Lucid Energy Delaware LLC from Lucid Energy Group II Holdings, LLC, West Street Capital Partners VII, L.P.,a fund managed by Goldman Sachs Asset Management, L.P, West Street Global Infrastructure Partners III, L.P., a fund managed by West Street Capital Partners, West Energy Partners, L.P and Riverstone Holdings LLC.
Targa Resources Corp. (NYSE:TRGP) entered into a definitive agreement to acquire Lucid Energy Delaware LLC from from Lucid Energy Group II Holdings, LLC, West Street Capital Partners VII, L.P.,a fund managed by Goldman Sachs Asset Management, L.P, West Street Global Infrastructure Partners III, L.P., a fund managed by West Street Capital Partners, West Energy Partners, L.P and Riverstone Holdings LLC for $3.6 billion on June 16, 2022. Consideration will be paid in cash. Targa has available liquidity, including cash on hand, its existing $2.75 billion revolving credit facility, and committed debt financing to fund the acquisition. Targa Resources Corp. entered into underwritten public offering (the “Offering”) of $750 million aggregate principal amount of its 5.200% senior notes due 2027 (the “2027 notes”) and $500 million aggregate principal amount of its 6.250% senior notes due 2052. Targa expects to use the net proceeds from the Offering to fund a portion of its previously announced acquisition of all of the outstanding interests in Lucid Energy Delaware, LLC for aggregate cash consideration of approximately $3.55 billion. Targa expect to use the net proceeds from this offering, together with up to $1.55 billion borrowed under a committed 3-year unsecured term loan facility (the “Acquisition Term Loan”) and borrowings under our revolving credit facility, to fund the Lucid Acquisition (the “Acquisition Financing”). Completion of this transaction is subject to customary closing conditions, including regulatory approvals. The transaction is expected to close in the third quarter of 2022. The acquisition is expected to be immediately accretive to distributable cash flow per share.
Evercore Inc. (NYSE:EVR) and Mizuho Securities USA LLC are serving as Targa’s financial advisors and Christopher Collins, Benji Barron, Sarah Mitchell, David Wicklund, Darin Schultz, Darren Tucker, James Meyer, Ryan Carney, David D'Alessandro, Tom Wilson, Alex Bluebond, Larry Pechacek, Damien Lyster, Rajesh Patel, Thomas Zentner and Prentiss Cutshaw of Vinson & Elkins LLP is acting as Targa’s legal counsel on the transaction. Jefferies LLC is serving as financial advisor, and Charles E. Carpenter and James M. Garrett of Latham & Watkins, LLP and Fried, Frank, Harris, Shriver & Jacobson LLP are acting as legal counsel to the seller group. Charles E. Carpenter and James M. Garrett of Latham & Watkins served as legal advisors to Riverstone Holdings LLC. Mark Lucas and Erica Jaffe of Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisors to West Street Capital Partners VII Fund, L.P., West Street Global Infrastructure Partners III, L.P. and West Energy Partners, L.P.
Targa Resources Corp. (NYSE:TRGP) completed the acquisition of Lucid Energy Delaware LLC from Lucid Energy Group II Holdings, LLC, West Street Capital Partners VII, L.P.,a fund managed by Goldman Sachs Asset Management, L.P, West Street Global Infrastructure Partners III, L.P., a fund managed by West Street Capital Partners, West Energy Partners, L.P and Riverstone Holdings LLC on July 29, 2022.