---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-004859"
form_type: "8-K"
ticker: "TRGP"
cik: "0001389170"
company_name: "Targa Resources Corp."
filed_at: "2023-01-09T23:59:59+00:00"
generated_at: "2026-06-20T17:37:56.403187+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Targa closes $1.05B buyout of Blackstone's 25% Grand Prix stake, issues $1.75B notes

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-23-004859
- form_type: 8-K
- ticker: TRGP
- cik: 0001389170
- company_name: Targa Resources Corp.
- filed_at: 2023-01-09T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1389170/000119312523004859/0001193125-23-004859-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1389170/000119312523004859/d425918d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-004859
- JSON: https://secwatch.observer/filing/0001193125-23-004859.json
- Plain text: https://secwatch.observer/filing/0001193125-23-004859.txt

## Key facts
- Debt Financings
  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
  source text: $850,000,000 in aggregate principal amount of the Company’s 6.500% Senior Notes due 2053
  evidence_url: https://www.sec.gov/Archives/edgar/data/1389170/000119312523004859/0001193125-23-004859-index.htm
- Debt Financings
  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
  source text: $900,000,000 in aggregate principal amount of the Company’s 6.125% Senior Notes due 2033
  evidence_url: https://www.sec.gov/Archives/edgar/data/1389170/000119312523004859/0001193125-23-004859-index.htm
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1389170/000119312523004859/0001193125-23-004859-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.