NGLS

On April 22, 2020, Targa Resources Partners LP (the “Partnership”) and Targa Receivables LLC, a bankruptcy-remote special purpose entity that is an indirect wholly-owned subsidiary of the Partnership (the “SPV”), entered into a Ninth Amendment to the Receivables Purchase Agreement (the “Purchase Agreement Amendment”) among the SPV, as seller, the Partnership, as servicer, the conduit purchasers, the committed purchasers, the purchaser agents and the LC participants party thereto and PNC Bank, National Association, as administrator and LC Bank, which amends the $400 million accounts receivable securitization facility (the “Facility”) by, among other things, (i) reducing the Facility size to $250 million, (ii) extending the Facility Termination Date (as defined in the Purchase Agreement Amendment) of the Facility to April 21, 2021 and (iii) providing for the determination of an alternate interest rate to the LIBOR Market Index Rate (as defined in the Facility) in the event of certain public statements or publications to the effect that the administrator of the LIBOR Market Index Rate has ceased or will cease to provide the LIBOR Market Index Rate or that the LIBOR Market Index Rate is no longer a representative interest rate benchmark for U.S dollar-denominated credit facilities executed at such time. As of April 22, 2020, after giving effect to the Purchase Agreement Amendment, there were $250 million of trade receivable purchases outstanding under the Facility. A copy of the Purchase Agreement Amendment is filed as Exhibit 10.1 to this Current Report on Form 8-K.

The foregoing description of the Purchase Agreement Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Purchase Agreement Amendment, which is incorporated by reference herein.

The committed purchasers or their respective affiliates have performed investment banking, financial advisory and commercial banking services for the Partnership and certain of its affiliates, for which they have received customary compensation, and they may continue to do so in the future. The Partnership or its affiliates have entered into commodity swap transactions with certain of the committed purchasers or their respective affiliates with terms the Partnership believes to be customary in connection with such transactions.