Targa Resources Corp. (TRGP): debt financing — Targa closes $1.05B buyout of Blackstone's 25% Grand Prix stake, issues $1.75B notes

Targa Resources Corp.

Acquired Blackstone Energy Partners' 25% interest in Grand Prix NGL Pipeline for $1.05B cash.
Now owns 100% of Grand Prix, which can transport up to 1M bbl/d of NGL to Mont Belvieu.
Issued $900M 6.125% Senior Notes due 2033 and $850M 6.500% Senior Notes due 2053.
Net proceeds funded the Grand Prix acquisition; remainder for general corporate purposes, including debt reduction.
Acquisition effective January 1, 2023; closing on January 9, 2023.

item 1.01 item 2.03 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Targa Resources Corp. incurred senior notes of $850,000,000 in aggregate principal amount at 6.500% maturing 2053.

Instrument: senior notes
Principal: $850,000,000 in aggregate principal amount
Rate: 6.500%
Maturity: 2053
Event: incurrence

Exact text from the filing

$850,000,000 in aggregate principal amount of the Company’s 6.500% Senior Notes due 2053

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Targa Resources Corp. incurred senior notes of $900,000,000 in aggregate principal amount at 6.125% maturing 2033.

Instrument: senior notes
Principal: $900,000,000 in aggregate principal amount
Rate: 6.125%
Maturity: 2033
Event: incurrence

Exact text from the filing

$900,000,000 in aggregate principal amount of the Company’s 6.125% Senior Notes due 2033

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Targa Resources Corp. entered into Fifth Supplemental Indenture with U.S. Bank Trust Company, National Association valued at $900,000,000 in aggregate principal amount of the Company’s 6.125% Senior Notes due 2033 and $850,00 (effective 2023-01-09).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $900,000,000 in aggregate principal amount of the Company’s 6.125% Senior Notes due 2033 and $850,00
Effective: 2023-01-09

Exact text from the filing

On January 9, 2023, Targa Resources Corp. (the “Company”), along with certain of its subsidiaries (the “Subsidiary Guarantors”), completed the previously announced underwritten public offering (the “Offering”) of (i) $900,000,000 in aggregate principal amount of the Company’s 6.125% Senior Notes due 2033 (the “2033 Notes”) and (ii) $850,000,000 in aggregate principal amount of the Company’s 6.500% Senior Notes due 2053 (the “2053 Notes” and, together with the 2033 Notes, the “Notes”).

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10 debt financings filed in the last 30 days. Browse all debt financings →

Targa Resources Corp. filing history →

Source: SEC EDGAR

accession 0001193125-23-004859

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