Targa Resources prepares two series of senior notes due 2029, 2034

Chicago, Nov. 6 – Targa Resources Corp. is in the bond market with two tranches of senior notes, due in 2029 and 2034, according to a 424B5 filing with the Securities and Exchange Commission.

Investors will have make-whole call protection on each of the notes. The 2029 notes will have a one-month par call option, and the 2034 notes will have a three-month par call option.

BofA Securities, Inc., Mizuho Securities USA LLC, PNC Capital Markets LLC and Wells Fargo Securities, LLC are joint bookrunners.

U.S. Bank Trust Co., NA will be the trustee.

For counsel, Vinson & Elkins LLP is advising the issuer and Gibson, Dunn & Crutcher LLP is advising the underwriters.

Proceeds will be used for general corporate purposes, including to repay borrowings under the company’s term loan facility and its commercial paper note program. Other general corporate purposes may include repaying debt, capital expenditures, additions to working capital and investments in subsidiaries.

The filing noted that as of Sept. 30, Targa had $1.5 billion outstanding on its term loan facility due in July 2025 and $1.15 billion outstanding on its commercial paper program.

Targa Resources is a Houston-based midstream energy company.

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