Targa Resources Corp. Prices $1.5 Billion Offering of Senior Notes

Rhea-AI Summary

Targa Resources (NYSE: TRGP) priced a $1.5 billion offering of senior notes: $750 million 4.350% due 2031 and $750 million 6.050% due 2056, sold at 99.812% and 99.975% of face, respectively.

The offering is expected to close on March 2, 2026. The company said net proceeds will be used for general corporate purposes, including repaying commercial paper and other indebtedness, repurchasing or redeeming securities, funding capital expenditures, working capital, or subsidiary investments.

Positive

• $1.5B debt raised via senior notes
• Proceeds earmarked to repay commercial paper borrowings
• Offering structured across short- and long-dated maturities (2031, 2056)

Negative

• Issuance increases long-term debt with a 6.050% tranche due 2056
• Sale below par (99.812% and 99.975%) implies slight financing premium

News Market Reaction – TRGP

+0.47%

+0.47% Session close to close

In the Feb 26 session, TRGP gained 0.47%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

HOUSTON, Feb. 25, 2026 (GLOBE NEWSWIRE) -- Targa Resources Corp. (“Targa” or the “Company”) (NYSE: TRGP) announced today the pricing of an underwritten public offering (the “Offering”) of $750 million aggregate principal amount of its 4.350% Senior Notes due 2031 and $750 million aggregate principal amount of its 6.050% Senior Notes due 2056 at a price to the public of 99.812% and 99.975% of their face value, respectively. The Offering is expected to close on March 2, 2026, subject to the satisfaction of customary closing conditions.

The Company expects to use the net proceeds from the Offering for general corporate purposes, including to repay borrowings under its unsecured commercial paper note program, to repay other indebtedness, to repurchase or redeem securities or to fund capital expenditures, additions to working capital or investments in its subsidiaries.

The Offering is being made pursuant to an effective shelf registration statement and prospectus filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”) and may be made only by means of a prospectus and prospectus supplement related to such Offering meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”). This announcement shall not constitute an offer to sell or a solicitation of an offer to buy any of these securities, except as required by law.

About Targa Resources Corp.

Targa Resources Corp. (NYSE: TRGP) is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. The Company owns, operates, acquires, and develops a diversified portfolio of complementary domestic infrastructure assets and its operations are critical to the efficient, safe and reliable delivery of energy across the United States and increasingly to the world. The Company’s assets connect natural gas and natural gas liquids to domestic and international markets with growing demand for cleaner fuels and feedstocks.

The principal executive offices of Targa Resources Corp. are located at 811 Louisiana, Suite 2100, Houston, TX 77002 and its telephone number is 713-584-1000.

Forward-Looking Statements

Certain statements in this release are “forward-looking statements” within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, are forward-looking statements, including the expected closing date and use of proceeds from the Offering. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Company’s control, which could cause results to differ materially from those expected by management of the Company. Such risks and uncertainties include, but are not limited to, those described more fully in the Company’s filings with the SEC, including its most recent Annual Report on Form 10-K. The Company does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Targa Investor Relations
InvestorRelations@targaresources.com
(713) 584-1133

FAQ

What senior notes did Targa Resources (TRGP) price on February 26, 2026?

Targa priced $750M 4.350% notes due 2031 and $750M 6.050% notes due 2056. According to the company, both tranches were priced at 99.812% and 99.975% of face, respectively.

When will the TRGP $1.5 billion senior notes offering close?

The offering is expected to close on March 2, 2026. According to the company, closing is subject to satisfaction of customary closing conditions and final settlement procedures.

How does Targa (TRGP) plan to use proceeds from the $1.5B offering?

Proceeds will fund general corporate purposes, including repaying commercial paper and other indebtedness. According to the company, funds may also repurchase securities, fund capex, working capital, or invest in subsidiaries.

At what prices were the TRGP 2031 and 2056 notes sold to the public?

The 2031 notes were sold at 99.812% of face and the 2056 notes at 99.975%. According to the company, those percentages represent the public offering prices.

Does the TRGP offering require additional shareholder approvals or a new registration?

No additional shareholder approvals are mentioned; the offering is made under an effective shelf registration. According to the company, sales will occur via a prospectus and prospectus supplement meeting Securities Act requirements.