February 6, 2018 / 9:13 PM / 6 months ago

BRIEF-Targa Resources Announces $1.1 Bln Of Development Joint Ventures With Stonepeak Infrastructure Partners

Feb 6 (Reuters) - Targa Resources Corp:

* TARGA RESOURCES ANNOUNCES $1.1 BILLION OF DEVELOPMENT JOINT VENTURES WITH STONEPEAK INFRASTRUCTURE PARTNERS

* RETAINS OPTION TO ACQUIRE STONEPEAK’S INTERESTS AT PREDETERMINED FIXED RETURN

* TARGA RESOURCES - STONEPEAK OWNS AN 80% INTEREST IN DEVELOPMENT JOINT VENTURE ENTITIES THAT HOLD GCX INTEREST AND TARGA’S NEXT FRACTIONATION TRAIN

* DEVCO JVS SIGNIFICANTLY REDUCE TARGA’S EQUITY FUNDING NEEDS FOR 2018 AND 2019

* TARGA RESOURCES - ‍ STONEPEAK COMMITTED AN AGGREGATE OF ABOUT $960 MILLION OF CAPITAL (INCLUDING CONTINGENCY) THAT WILL BE DISTRIBUTED TO TARGA

* ‍TARGA COMMITTED TO FUND APPROXIMATELY $150 MILLION RELATED TO ITS SHARE OF DEVCO JVS’ FUTURE CAPITAL COSTS​

* PROCEEDS FROM STONEPEAK’S INITIAL CONTRIBUTION IN DEVCO JVS WILL BE USED TO REDUCE TARGA’S CURRENT DEBT

* TARGA RESOURCES - DEVCO JVS OWN CO’S 25% INTEREST IN GULF COAST EXPRESS PIPELINE, 20% INTEREST IN GRAND PRIX PIPELINE

* TARGA RESOURCES - STONEPEAK COMMITTED ABOUT $960 MILLION OF CAPITAL FOR JV, INCLUDING AN INITIAL CONTRIBUTION OF ABOUT $190 MILLION Source text for Eikon: Further company coverage:

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