Targa Resources completes $2B senior notes offering; proceeds for Badlands JV buyout

Targa Resources Corp.

Issued $1.0B of 5.550% Senior Notes due 2035 and $1.0B of 6.125% Senior Notes due 2055.
Net proceeds to fund ~$1.8B repurchase of preferred equity in Targa Badlands LLC from JV partner.
Badlands Transaction expected to close Q1 2025, effective Jan 1 2025.
Remaining net proceeds for general corporate purposes, including repaying commercial paper borrowings.
Notes are senior unsecured, guaranteed by certain subsidiaries.

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