Targa Resources completes $750M and $1.0B notes offering

Targa Resources Corp. completed an underwritten notes offering, issuing $750.0 million of 4.350% Senior Notes due 2029 and $1.0 billion of 5.400% Senior Notes due 2036.

Rhea-AI Filing Summary

Targa Resources Corp. completed an underwritten notes offering, issuing $750.0 million of 4.350% Senior Notes due 2029 and $1.0 billion of 5.400% Senior Notes due 2036. The notes are fully and unconditionally guaranteed on a senior unsecured basis by certain subsidiaries, subject to stated conditions, under an existing indenture and a new Twelfth Supplemental Indenture.

The company expects to use a portion of the net proceeds to redeem Targa Resources Partners LP’s 6.875% Senior Notes due 2029, with the remainder for general corporate purposes, including repaying commercial paper and other debt, repurchasing or redeeming securities, and funding capital expenditures, working capital, or subsidiary investments. The securities were issued off an automatic shelf registration on Form S-3ASR and a prospectus supplement dated November 6, 2025.

Insights

Debt capital markets analyst

Routine refinancing: larger, longer ladder; potential interest-cost benefits.

Targa Resources sold $750.0M 4.350% notes due 2029 and $1.0B 5.400% notes due 2036, guaranteed by certain subsidiaries on a senior unsecured basis. Proceeds are earmarked to redeem 6.875% 2029 notes at the partnership level and for general corporate purposes, including debt repayment and capex.

This structure refreshes the maturity profile and replaces a higher‑coupon instrument with new tranches at stated coupons. Actual cost outcomes depend on redemption mechanics and remaining uses. The filing lists standard use‑of‑proceeds options; activity will follow as transactions settle per the offering documents.

8-K Event Classification

2 items: 1.01, 2.03

2 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did TRGP announce in its 8-K?

TRGP completed an underwritten offering of $750.0 million 4.350% Senior Notes due 2029 and $1.0 billion 5.400% Senior Notes due 2036, guaranteed by certain subsidiaries.

How will Targa Resources (TRGP) use the proceeds?

A portion will redeem 6.875% Senior Notes due 2029 issued by Targa Resources Partners LP; the remainder is for general corporate purposes including debt repayment, securities repurchases/redemptions, capex, working capital, and subsidiary investments.

Are the new TRGP notes guaranteed?

Yes. The notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by certain subsidiaries, subject to conditions.

Under what documents were the notes issued?

They were issued under an Indenture dated April 6, 2022 and a Twelfth Supplemental Indenture dated November 12, 2025, with U.S. Bank Trust Company, National Association, as trustee.

Was the offering registered with the SEC?

Yes. It was registered under an automatic shelf registration statement on Form S-3ASR and a prospectus supplement dated November 6, 2025.

Who is the trustee and were there any affiliations noted?

U.S. Bank Trust Company, National Association, is the trustee. U.S. Bancorp Investments, Inc., one of the underwriters, is an affiliate of the trustee.

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

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Accepted by SEC EDGAR 11/12/2025 - 04:30 PM Learn about SEC filing dates

false 0001389170 0001389170 2025-11-12 2025-11-12

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): November 12, 2025

TARGA RESOURCES CORP.

(Exact name of registrant as specified in its charter)

Delaware		001-34991		20-3701075
(State or other jurisdiction of incorporation or organization)		(Commission File Number)		(I.R.S. Employer Identification No.)

811 Louisiana St, Suite 2100

Houston, TX 77002

(Address of principal executive office and Zip Code)

(713) 584-1000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol(s)		Name of each exchange on which registered
Common stock		TRGP		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

On November 12, 2025, 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) $750.0 million aggregate principal amount of the Company’s 4.350% Senior Notes due 2029 (the “2029 Notes”) and (ii) $1.0 billion aggregate principal amount of the Company’s 5.400% Senior Notes due 2036 (the “2036 Notes,” and, together with the 2029 Notes, the “Notes”).

The Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the Subsidiary Guarantors (the “Guarantees,” and, together with the Notes, the “Securities”) so long as such Subsidiary Guarantors satisfy certain conditions. The Securities were issued pursuant to the Indenture, dated as of April 6, 2022 (the “Base Indenture”), as supplemented by that certain Twelfth Supplemental Indenture, dated as of November 12, 2025 (the “Twelfth Supplemental Indenture,” and, together with the Base Indenture, the “Indenture”), among the Company, the Subsidiary Guarantors and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).

The Company expects to use a portion of the net proceeds from the Offering to redeem the 6.875% Senior Notes due 2029 (the “6.875% 2029 Notes”) issued by Targa Resources Partners LP and to use the remaining net proceeds for general corporate purposes, including to repay borrowings under the Company’s 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 was registered under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to a shelf registration statement on Form S-3ASR (File No. 333-286012) of the Company (as may be amended from time to time, the “Registration Statement”), as supplemented by the Prospectus Supplement, dated November 6, 2025, relating to the Securities (the “Prospectus Supplement”), filed with the U.S. Securities and Exchange Commission on November 10, 2025. A legal opinion related to the Securities is included as Exhibit 5.1 hereto.

The terms of the Securities and the Indenture are further described in the Registration Statement and the Prospectus Supplement under the captions “Description of Debt Securities” and “Description of the Notes,” respectively. Such descriptions do not purport to be complete and are qualified in their entirety by reference to the Base Indenture and the Twelfth Supplemental Indenture, copies of which are filed as Exhibit 4.1 and Exhibit 4.2, respectively, to this Current Report on Form 8-K and incorporated herein by reference.

The Trustee and certain of its affiliates have from time to time performed, and may in the future perform, various financial advisory, commercial and investment banking services for the Company or the Subsidiary Guarantors for which they received or will receive customary fees and expenses. U.S. Bancorp Investments, Inc., one of the underwriters, is an affiliate of the Trustee under the Indenture.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information contained in Item 1.01 is incorporated by reference into this Item 2.03.

Item 9.01 Financial Statements and Exhibits.

4.1		Indenture, dated as of April 6, 2022, among Targa Resources Corp., as issuer, the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to Targa Resources Corp.’s Current Report on Form 8-K filed April 6, 2022 (File No. 001-34991)).
4.2		Twelfth Supplemental Indenture, dated as of November 12, 2025, among Targa Resources Corp., as issuer, the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee.
4.3		Form of Notes (included in Exhibit 4.2 hereto).
5.1		Opinion of Vinson & Elkins L.L.P. regarding the legality of the Securities.
23.1		Consent of Vinson & Elkins L.L.P. (included in Exhibit 5.1 hereto).
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

				TARGA RESOURCES CORP.
Dated: November 12, 2025				By:		/s/ William A. Byers
						William A. Byers
						Chief Financial Officer

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