Exhibit 99.1
811 Louisiana Street, Suite 2100
Houston, TX 77002
713.584.1000
Targa Resources Corp. Prices $1.75 Billion Offering of Senior Notes
HOUSTON, TX – January 3, 2023 — Targa Resources Corp. (“Targa” or the “Company”) (NYSE: TRGP), announced today the pricing of an underwritten public offering (the “Offering”) of $900 million aggregate principal amount of its 6.125% senior notes due 2033 and $850 million aggregate principal amount of its 6.500% senior notes due 2053 at a price to the public of 99.858% and 97.843% of their face value, respectively. The Offering is expected to close on January 9, 2023, subject to customary closing conditions.
The Company expects to use a portion of the net proceeds from the Offering to fund the acquisition of Blackstone Energy Partners’ 25 percent interest in the Company’s Grand Prix NGL Pipeline (“Grand Prix”) for aggregate cash consideration of approximately $1.05 billion, subject to certain closing adjustments (the “Grand Prix Transaction”). The Company will own 100 percent of Grand Prix upon the closing of the Grand Prix Transaction. The Company expects the Grand Prix Transaction to close in the first quarter of 2023, subject to customary closing conditions, with an effective date of January 1, 2023. There can be no assurance that the Grand Prix Transaction will be completed within the time frame anticipated or at all. The closing of the Offering is not contingent on the consummation of the Grand Prix Transaction. The Company expects the remaining net proceeds from the Offering to be used for general corporate purposes, including to reduce borrowings under its revolving credit facility and its unsecured commercial paper note program (the “Commercial Paper Program”). If the Company does not complete the Grand Prix Transaction, it expects to use the net proceeds from the Offering for general corporate purposes, including to reduce borrowings under its revolving credit facility and the Commercial Paper Program. Other general corporate purposes may include repayment of other indebtedness, capital expenditures, additions to working capital, investments in its subsidiaries and other acquisitions.
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.
About Targa Resources Corp.
Targa Resources Corp. (NYSE: TRGP) is a leading provider of midstream services and is one of the largest independent midstream infrastructure companies in North America. The Company owns, operates, acquires, and develops a diversified portfolio of complementary domestic midstream infrastructure assets and its operations are critical to the efficient, safe and reliable delivery of energy across the United States and increasingly to the world. The Company’s assets connect natural gas and natural gas liquids (“NGL(s)”) to domestic and international markets with growing demand for cleaner fuels and feedstocks. The Company is primarily engaged in the business of: 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 liquified petroleum gas exporters; and gathering, storing, terminaling, and purchasing and selling crude oil.
