Targa Resources prices $1.75B senior notes; proceeds to fund $1.05B Grand Prix buyout

Targa Resources Corp.

Issued $900M of 6.125% senior notes due 2033 and $850M of 6.500% notes due 2053.
Offering priced at 99.858% and 97.843% of face value; closing expected January 9, 2023.
Net proceeds to fund acquisition of Blackstone Energy Partners' 25% interest in Grand Prix NGL Pipeline for ~$1.05B.
Grand Prix Transaction expected to close Q1 2023 with effective date Jan 1, 2023; offering not contingent on the deal.
Remaining proceeds to reduce borrowings under revolving credit facility and commercial paper program.

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