secwatch.observer — SEC 8-K summary
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Issuer:     Targa Resources Corp. (TRGP)
CIK:        0001389170
Form:       8-K
Filed at:   2023-01-09T23:59:59+00:00
Accession:  0001193125-23-004859
Event type: m_and_a
Sentiment:  positive
Materiality: 0.80
Item codes: 1.01, 2.03, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1389170/000119312523004859/0001193125-23-004859-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1389170/000119312523004859/d425918d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-004859

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