Targa Resources Prices $1.5B of 4.35% and 6.05% Senior Notes
Targa Resources has priced a $1.5 billion offering of senior notes, issuing $750 million of 4.350% notes due 2031 at 99.812% of face value and $750 million of 6.050% notes due 2056 at 99.975%. Proceeds will repay commercial paper and other debt, support share repurchases and fund capital expenditures.
1. Offering Terms
Targa Resources Corp. has launched an underwritten public offering of $750 million 4.350% senior notes due 2031 priced at 99.812% of face value and $750 million 6.050% senior notes due 2056 priced at 99.975%. The offering is scheduled to close on March 2, 2026, subject to customary conditions.
2. Use of Proceeds
Net proceeds are earmarked for general corporate purposes, including repayment of borrowings under its unsecured commercial paper program, repayment of other indebtedness, share repurchases or redemptions, capital expenditures, additions to working capital and investments in its subsidiaries.
3. Impact on Financial Profile
This debt issuance will extend Targa’s maturity profile and provide liquidity to reduce short-term borrowings, potentially lowering leverage ratios while locking in fixed interest costs through 2056 and supporting strategic investments.