Targa Resources Corp. has recently announced the pricing of an underwritten public offering of $750 million aggregate principal amount of its 4.900% senior notes due 2030 and $750 million aggregate principal amount of its 5.650% senior notes due 2036. These were priced at 99.870% and 99.700% of their face value, respectively. The offering is expected to close on June 18, 2025.
The company plans to use a portion of the net proceeds from the offering to redeem the 6.500% senior notes due 2027 issued by Targa Resources Partners LP and to use the remaining net proceeds for general corporate purposes, including repaying borrowings under its unsecured commercial paper note program, repaying other indebtedness, repurchasing or redeeming securities, or funding capital expenditures, additions to working capital, or investments in its subsidiaries.
Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. The company's assets connect natural gas and natural gas liquids to domestic and international markets with growing demand for cleaner fuels and feedstocks. It engages in various activities, including gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, and purchasing and selling crude oil.
The company's principal executive offices are located in Houston, Texas.
These figures reflect the company's strategic financing decisions and its ongoing efforts to optimize its capital structure and fund future growth and development. Following these announcements, the company's shares moved 1.97%, and are now trading at a price of $167.36. For more information, read the company's full 8-K submission here.
