Targa Resources Corp., announced the pricing of an underwritten public offering (the “Offering”) of $750 million aggregate principal amount of its 4.200% senior notes due 2033 and $750 million aggregate principal amount of its 4.950% senior notes due 2052 at a price to the public of 99.815% and 99.333%, respectively, of their face value. The Offering is expected to close on April 6, 2022, subject to customary closing conditions. The Company intends to use a portion of the net proceeds from the Offering to fund the previously announced purchase (the “Tender Offer”) of 5 7/8% Senior Notes due 2026 (the “2026 Notes”) of Targa Resources Partners LP or to fund the previously announced redemption of any 2026 Notes not purchased in the Tender Offer, with the remaining net proceeds to be used to repay a portion of the amounts outstanding under the Company’s revolving credit facility. The Offering is not conditioned on the consummation of the Tender Offer. The Tender Offer is conditioned on, among other things, the Offering.
This Offering is being made pursuant to an effective shelf registration statement and prospectus filed by the Company, with the U.S. Securities and Exchange Commission and may be made only by means of a prospectus and prospectus supplement related to such Offering meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”). This announcement shall not constitute an offer to sell or a solicitation of an offer to buy any of these securities, except as required by law.
