Summary
Targa Resources Corp. (TRGP) has announced a material amendment to its receivables purchase agreement through its subsidiary, Targa Resources Partners LP. Specifically, the Eighth Amendment to the Receivables Purchase Agreement extends the termination date of its $400 million accounts receivable securitization facility to December 4, 2020. This extension provides continued access to a key source of liquidity for the company.
Key Highlights
- 1Extension of $400 million accounts receivable securitization facility termination date to December 4, 2020.
- 2The amendment was entered into on December 6, 2019.
- 3As of the amendment date, $328.8 million of trade receivables were outstanding under the facility.
- 4This action provides continued financial flexibility and liquidity for Targa Resources.
- 5The amendment involves Targa Resources Partners LP, its subsidiary Targa Receivables LLC (the SPV), and PNC Bank as administrator.