22 03 2016

Blackstone Tactical Opportunities invests in Targa Resources Corp.

Kirkland & Ellis LLP represented Blackstone Tactical Opportunities on its decision to invest in Targa Resources Corp. (TRGP), a Houston-based midstream energy corporation, which received definitive agreements for the purchase of approximately $1 billion of 9.5 percent Series A Preferred Stock.


This includes the Preferred Stock from Stonepeak Infrastructure Partners that was previously announced by the company on Feb. 18, 2016, and additional Preferred Stock as a result of investor interest after the initial announcement from funds managed by Blackstone Tactical Opportunities, Energy Capital Partners Mezzanine Opportunities Fund, investment companies affiliated with Tortoise Capital Advisors LLC and other institutional investors. Barclays acted as sole placement agent to the Company in connection with the sale of the securities. Vinson & Elkins LLP served as legal counsel to the Company. Sidley Austin LLP served as legal counsel to Stonepeak and advised on the structuring of the transaction. The Kirkland team was led by corporate partner Rhett Van Syoc (Picture) and tax partners Dean Shulman and Russell Light. Vinson & Elkins has advised Targa with a team led by Christopher Collins and including Michael Harrington, Thomas Zentner, Benji Barron, Bo Shi, Ryan Carney, Judy Blissard, Darin Schultz, James Melchers and Jason Busch.
Sidley Austin has advised Stonepeak with a team led by Cliff Vrielink and including Tim Langenkamp, Tim Devetski, Tim Chandler, Jeff Kinney and Angela Herrington.
  Involved fees earner: Rhett Van Syoc - Kirkland & Ellis; Dean Shulman - Kirkland & Ellis; Russell Light - Kirkland & Ellis; Christopher Collins - Vinson & Elkins LLP; Michael Harrington - Vinson & Elkins LLP; Thomas Zentner - Vinson & Elkins LLP; Benji Barron - Vinson & Elkins LLP; Bo Shi - Vinson & Elkins LLP; Ryan Carney - Vinson & Elkins LLP; Judith Blissard - Vinson & Elkins LLP; James Melchers - Vinson & Elkins LLP; Darin Schultz - Vinson & Elkins LLP; Jason Busch - Vinson & Elkins LLP; Cliff Vrielink - Sidley Austin LLP; Timothy Langenkamp - Sidley Austin LLP; Tim Chandler - Sidley Austin LLP; Timothy J. Devetski - Sidley Austin LLP; Jeff Kinney - Sidley Austin LLP; Angela Herrington - Sidley Austin LLP; William Benitez - Kirkland & Ellis; Donald Rocap - Kirkland & Ellis;

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