Summary
Targa Resources Corp. (TRGP) announced an amendment to its receivables purchase agreement through its subsidiary, Targa Resources Partners LP. The amendment, effective August 30, 2023, primarily reduced the size of its accounts receivable securitization facility from $800 million to $600 million. This adjustment reflects current operational needs and financial strategies. Additionally, the amendment extended the termination date of the facility to August 29, 2024, providing continued access to liquidity through this channel. As of the amendment date, approximately $600 million of trade receivables were outstanding under the facility. Investors should note this is a routine financing update that adjusts the company's credit facilities.
Key Highlights
- 1Targa Resources Partners LP amended its Receivables Purchase Agreement on August 30, 2023.
- 2The amendment reduces the accounts receivable securitization facility size from $800 million to $600 million.
- 3The facility termination date has been extended to August 29, 2024.
- 4As of August 30, 2023, $600 million in trade receivables were outstanding under the facility.
- 5The amendment was made by Targa Receivables LLC (SPV), Targa Resources Partners LP (servicer), and PNC Bank (administrator).