Targa Resources to launch 3.25M-share offering

• Targa Resources (NYSE:TRGP) -3.1% AH after announcing a public offering of 3.25M common shares, with an underwriters option to purchase up to an additional 487.5K shares.
• TRGP plans to use the proceeds to repay a portion of the outstanding borrowings under its credit facility, to make a $53M capital contribution to Targa Resources Partners (NGLS) to maintain its 2% general partnership interest and for general corporate purposes.