Partnership Units and Related Matters

3 Months Ended

Mar. 31, 2013

Partnership Units and Related Matters [Abstract]

Partnership Units and Related Matters

Note 9 — Partnership Units and Related Matters

Public Offerings of Common Units

In 2012, the Partnership filed with the SEC a universal shelf registration statement that, subject to effectiveness at the time of use, allows the Partnership to issue up to an aggregate of $300 million of debt or equity securities (the "2012 Shelf"). The 2012 Shelf expires in August 2015. In August 2012, the Partnership entered into an Equity Distribution Agreement ("2012 EDA") with Citigroup Global Markets Inc. ("Citigroup") pursuant to which the Partnership may sell, at its option, up to an aggregate of $100 million of its common units through Citibank, as sales agent, under the 2012 Shelf. Settlement for sales of common units will occur on the third business day following the date on which any sales were made in return for payment of the net proceeds to the Partnership. During the three months ended March 31, 2013, the Partnership issued 2,420,046 common units under the 2012 EDA and received gross proceeds of $96.7 million pursuant to the 2012 EDA. We contributed $2.0 million to maintain our 2% general partner interest.

In March 2013, the Partnership entered into a second Equity Distribution Agreement (the "2013 EDA") with Citigroup, Deutsche Bank Securities Inc., Raymond James & Associates, Inc. and UBS Securities LLC, as sales agents, pursuant to which the Partnership may sell, at its option, up to an aggregate of $200 million of the Partnership common units under the 2012 Shelf. During the three months ended March 31, 2013, the Partnership issued 248,252 common units and received gross proceeds of $10.7 million, pursuant to the 2013 EDA. We contributed $0.3 million to maintain its 2% general partner interest.

Distributions

In accordance with the partnership agreement, the Partnership must distribute all of its available cash, as determined by the general partner, to unitholders of record within 45 days after the end of each quarter. The following table details the distributions declared and/or paid by the Partnership during the three months ended March 31, 2013.

		Distributions
Three Months Ended	Date Paid or to be Paid	Limited Partners		General Partner					Distributions to Targa Resources Corp.		Distributions per limited partner unit
		Common		Incentive		2%	Total
(In millions, except per unit amounts)
March 31, 2013	May 15, 2013	$	71.7	$	22.1	1.9	$	95.7	$	33.0	$	0.6975
December 31, 2012	February 14, 2013		69.0		20.1	1.8		90.9		30.7		0.6800

Subsequent Event

In April 2013, the Partnership filed with the SEC a universal shelf registration statement (the "2013 Shelf"), which provides the Partnership with the ability to offer and sell an unlimited amount of debt and equity securities, subject to market conditions and the Partnership's capital needs. The 2013 Shelf expires in April 2016.