Feb 6 (Reuters) - Targa Resources Corp:
* TARGA RESOURCES ANNOUNCES $1.1 BILLION OF DEVELOPMENT JOINT VENTURES WITH STONEPEAK INFRASTRUCTURE PARTNERS
* RETAINS OPTION TO ACQUIRE STONEPEAK’S INTERESTS AT PREDETERMINED FIXED RETURN
* TARGA RESOURCES - STONEPEAK OWNS AN 80% INTEREST IN DEVELOPMENT JOINT VENTURE ENTITIES THAT HOLD GCX INTEREST AND TARGA’S NEXT FRACTIONATION TRAIN
* DEVCO JVS SIGNIFICANTLY REDUCE TARGA’S EQUITY FUNDING NEEDS FOR 2018 AND 2019
* TARGA RESOURCES - ‍ STONEPEAK COMMITTED AN AGGREGATE OF ABOUT $960 MILLION OF CAPITAL (INCLUDING CONTINGENCY) THAT WILL BE DISTRIBUTED TO TARGA
* ‍TARGA COMMITTED TO FUND APPROXIMATELY $150 MILLION RELATED TO ITS SHARE OF DEVCO JVS’ FUTURE CAPITAL COSTS​
* PROCEEDS FROM STONEPEAK’S INITIAL CONTRIBUTION IN DEVCO JVS WILL BE USED TO REDUCE TARGA’S CURRENT DEBT
* TARGA RESOURCES - DEVCO JVS OWN CO’S 25% INTEREST IN GULF COAST EXPRESS PIPELINE, 20% INTEREST IN GRAND PRIX PIPELINE
* TARGA RESOURCES - STONEPEAK COMMITTED ABOUT $960 MILLION OF CAPITAL FOR JV, INCLUDING AN INITIAL CONTRIBUTION OF ABOUT $190 MILLION Source text for Eikon: Further company coverage: