Targa Resources said it completed the offering on February 27, 2025 of $1.0 billion aggregate principal amount of 5.550% Senior Notes due 2035 and $1.0 billion aggregate principal amount of 6.125% Senior Notes due 2055.

1. 01

   Targa Resources said it completed the offering on February 27, 2025 of $1.0 billion aggregate principal amount of 5.550% Senior Notes due 2035 and $1.0 billion aggregate principal amount of 6.125% Senior Notes due 2055.

2. 02

   The company said it expects to use a portion of the net proceeds from the offering to fund the repurchase of the preferred equity in Targa Badlands LLC held by its joint venture partner, for about $1.8 billion in cash.

3. 03

   The company said it expects the Badlands Transaction to close in Q1 2025, subject to customary closing conditions, with an effective date of January 1, 2025. It said it plans to use the remaining net proceeds for general corporate purposes, including repaying borrowings under its commercial paper program.

4. 04

   The company said the notes are guaranteed on a senior unsecured basis by certain of its subsidiaries and were issued under the Base Indenture dated April 6, 2022 and the Tenth Supplemental Indenture dated February 27, 2025.

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Original filing

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