Targa Resources Corp. ("Targa" or the "Company") (NYSE:TRGP), announced today the pricing of an underwritten public offering (the "Offering") of $1.0 billion aggregate principal amount of its 5.500% Senior Notes due 2035 at a price to the public of 99.943% of their face value. The Offering is expected to close on August 9, 2024, subject to the satisfaction of customary closing conditions.
The Company expects to use the net proceeds from the Offering for general corporate purposes, including to repay borrowings under its commercial paper note program, a portion of which were incurred to repay the remaining $500.0 million outstanding under its prior $1.5 billion unsecured term loan facility due July 2025, which was terminated in May 2024. Other general corporate purposes may include repayment of other indebtedness, capital expenditures, additions to working capital and investments in its subsidiaries.