AI English summary of an SEC filing — figures as filed
Targa Resources TRGPTarga Resources said it entered into an underwriting agreement on August 6, 2024 with underwriters led by representatives including Citigroup Global Markets Inc. to issue and sell $1.0 billion of 5.500% Senior Notes due 2035. The notes are fully and unconditionally guaranteed on a senior unsecured basis by subsidiary guarantors.
Key points
AI summaryTarga Resources said it entered into an underwriting agreement on August 6, 2024 with underwriters led by representatives including Citigroup Global Markets Inc. to issue and sell $1.0 billion of 5.500% Senior Notes due 2035. The notes are fully and unconditionally guaranteed on a senior unsecured basis by subsidiary guarantors.
The company said the notes are being offered at 99.943% of face value and mature on February 15, 2035. Interest will accrue from August 9, 2024 and be payable semi-annually in arrears on February 15 and August 15 each year, beginning on February 15, 2025.
Targa Resources said it plans to use the net proceeds for general corporate purposes, including repaying borrowings under its commercial paper program. Some of those borrowings were incurred to repay the remaining $500.0 million outstanding under its prior $1.5 billion unsecured term loan facility.
Targa Resources said the offering is expected to close on August 9, 2024, subject to customary closing conditions. It also said that if an event of default occurs under the indenture, the principal amount of the notes may be accelerated and become immediately due and payable.
Summary
AI-writtenAnalysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
$1.0 billion 5.500% Senior Notes Due 2035 Offering
Targa Resources said it entered into an underwriting agreement on August 6, 2024 with underwriters led by representatives including Citigroup Global Markets Inc. to issue and sell $1.0 billion of 5.500% Senior Notes due 2035. The notes are fully and unconditionally guaranteed on a senior unsecured basis by subsidiary guarantors.
Source · Based on the filing body and exhibits
Offering Terms: Price, Maturity and Interest Payments
The company said the notes are being offered at 99.943% of face value and mature on February 15, 2035. Interest will accrue from August 9, 2024 and be payable semi-annually in arrears on February 15 and August 15 each year, beginning on February 15, 2025.
Source · Based on the filing body and exhibits
Use of Net Proceeds
Targa Resources said it plans to use the net proceeds for general corporate purposes, including repaying borrowings under its commercial paper program. Some of those borrowings were incurred to repay the remaining $500.0 million outstanding under its prior $1.5 billion unsecured term loan facility.
Source · Based on the filing body and exhibits
Expected Closing Date and Default Provisions
Targa Resources said the offering is expected to close on August 9, 2024, subject to customary closing conditions. It also said that if an event of default occurs under the indenture, the principal amount of the notes may be accelerated and become immediately due and payable.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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