In what may become a more familiar story, Targa Resource Corp has announced that it will acquire the remaining units of Targa Resoure Partners in order to improve distribution coverage for the combined entity.  Here are the highlights of the transactions

-  Targa Corp (TRGP) will issue .62 shares for each unit of Targa Resource Partners (NGLS), an 18% premium over 11/2 close

-  Taxable Transaction to NGLS unit holders

-  15% Dividend Growth Expected in 2016, 10% growth from 2015 to 2018 

-    1.1x - 1.2x Dividend Coverage

-   $600MM of 2016 Capex

The main driver to the transaction is the elimination of the Incentive Distribution Rights paid from NGLS to TRGP, which $161MM over the  past twelve months

MLPData will update Q3 Distributable Cash Flows, Coverage Ratios, Unit Metrics and Guidance shortly after the earning call.  Quick Look summaries for select units ca be  accessed Here

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