Partnership Units and Related Matters

3 Months Ended

Mar. 31, 2015

Partnership Units and Related Matters [Abstract]

Note 11 — Partnership Units and Related Matters

Public Offerings of Common Units

As part of the APL mergers, the Partnership issued 58,614,157 common units to former Atlas unitholders as consideration for the APL merger, of which 3,363,935 common units represented ATLS’s common unit ownership in APL, which were issued to us.

In May 2014, the Partnership entered into an additional Equity Distribution Agreement under the July 2013 Shelf (the “May 2014 EDA”), pursuant to which it may sell through its sales agents, at its option, up to an aggregate of $400.0 million of its common units. During the three months ended March 31, 2015, the Partnership issued 1,271,876 common units under the May 2014 EDA, receiving total net proceeds of $53.0 million (net of commissions up to 1% of gross proceeds to our sales agent) of which $24.8 million was received in April. We contributed $1.1 million to the Partnership to maintain its 2% general partner interest, of which $0.8 million was received in April 2015.

Subsequent Event

During April 2015, the Partnership issued 2,318,950 common units under the May 2014 EDA, receiving net proceeds of $100.1 million. We contributed $2.1 million to the Partnership to maintain our 2% general partner interest. As of April 20, 2015, approximately $4.2 million of the aggregate offering amount remained available for sale pursuant to the May 2014 EDA.

Distributions

In accordance with the Partnership Agreement, the Partnership must distribute all of its available cash, as defined in the Partnership Agreement, and 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 for the three months ended March 31, 2015.

		Distributions
Three Months Ended	Date Paid or to be Paid	Limited Partners		General Partner						Distributions to Targa Resources Corp.		Distributions per limited partner unit
Three Months Ended	Date Paid or to be Paid	Common		Incentive			2%	Total		Distributions to Targa Resources Corp.		Distributions per limited partner unit
(In millions, except per unit amounts)

March 31, 2015	May 15, 2015	$	148.3	$	41.7	$	3.9	$	193.9	$	59.0	$	0.8200
December 31, 2014	February 13, 2015		96.3		38.4		2.7		137.4		51.6		0.8100

- Definition

The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units.

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