[8-K] Targa Resources Corp. Reports Material Event

Rhea-AI Filing Summary

Targa Resources Corp. (NYSE: TRGP) filed an 8-K to disclose that, on 28-Jul-2025, its subsidiary Targa Resources Partners LP and bankruptcy-remote Targa Receivables LLC executed the Sixteenth Amendment to their Accounts Receivable Securitization Facility.

• Facility term extended: the Facility Termination Date moves from 2025 to 31-Aug-2026.
• Size in use: approximately $600 million of receivables were outstanding at signing.
• Parties: PNC Bank remains administrator and LC issuer; multiple conduit and committed purchasers continue to provide funding and letters of credit.
• Purpose: amendment preserves an established, lower-cost liquidity source without changing core economics; all other material terms remain unchanged.

An executed copy of the amendment is filed as Exhibit 10.1. No changes to guidance or financial statements were reported.

Positive

• Facility maturity extended to 31-Aug-2026, securing an existing $600 m liquidity source for another year.

Negative

• Continued reliance on receivables securitization indicates ongoing working-capital needs and exposure to counterparty performance.

Insights

Credit Analyst

TL;DR: Extension maintains $600 m securitization liquidity through 2026; modest credit-positive, no balance-sheet shock.

Extending the AR facility by 13 months keeps a diversified funding channel in place at modest cost, supporting working-capital flexibility during a volatile commodity cycle. The bankruptcy-remote SPV structure ring-fences receivables, protecting lenders while keeping borrowing off the parent’s revolver. At roughly $600 m outstanding, the facility equals ~7-8 % of TRGP’s 2024 revenue, so continued availability is helpful but not transformative. No upsizing or covenant revisions were disclosed, so leverage metrics and liquidity headroom remain largely unchanged. Overall impact: credit-neutral to mildly positive.

Energy Industry Specialist

TL;DR: Routine facility rollover; ensures supply-chain cash conversion, little strategic impact.

Midstream peers frequently roll AR securitizations to bridge receivable timing and smooth distributable cash flow. By pushing maturity to Aug-2026, TRGP avoids near-term refinancing distraction and preserves a competitive cost of funds while commodity price outlook stays uncertain. However, the amendment does not expand limits or adjust pricing, so it does not materially alter capital allocation plans, growth capex, or dividend capacity. Investors should view this as housekeeping rather than a catalyst.

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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): July 28, 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)		(IRS 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:

☐ Written communications 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 communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications 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 July 28, 2025, Targa Resources Partners LP (the “Partnership”), a subsidiary of Targa Resources Corp. (the “Company”), and Targa Receivables LLC, a bankruptcy-remote special purpose entity that is an indirect wholly-owned subsidiary of the Partnership (the “SPV”), entered into a Sixteenth Amendment to the Receivables Purchase Agreement (the “Purchase Agreement Amendment”) among the SPV, as seller, the Partnership, as servicer, the conduit purchasers, the committed purchasers, the purchaser agents and the letter of credit participants (“LC participants”) party thereto and PNC Bank, National Association, as administrator and issuer of letters of credit (“LC Bank”), which amends the Receivables Purchase Agreement, dated as of January 10, 2013, as amended, governing the SPV’s accounts receivable securitization facility (the “Facility”) by, among other things, extending the Facility Termination Date (as defined in the Purchase Agreement Amendment) of the Facility to August 31, 2026. As of July 28, 2025, after giving effect to the Purchase Agreement Amendment, there were approximately $600 million of trade receivable purchases outstanding under the Facility. A copy of the Purchase Agreement Amendment is filed as Exhibit 10.1 to this Current Report on Form 8-K.

The foregoing description of the Purchase Agreement Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Purchase Agreement Amendment, which is incorporated by reference herein.

The committed purchasers or their respective affiliates have performed investment banking, financial advisory and commercial banking services for the Company, the Partnership and certain of their affiliates, for which they have received customary compensation, and they may continue to do so in the future. The Company, the Partnership or their affiliates have entered into commodity swap transactions with certain of the committed purchasers or their respective affiliates with terms the Company and the Partnership believe to be customary in connection with such transactions.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number		Description
10.1		Sixteenth Amendment to Receivables Purchase Agreement, dated as of July 28, 2025, by and among Targa Receivables LLC, as seller, the Partnership, as servicer, the various conduit purchasers, committed purchasers, purchaser agents and LC participants party thereto and PNC Bank, National Association, as administrator and LC Bank.
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: July 28, 2025				By:		/s/ William A. Byers
						William A. Byers
						Chief Financial Officer

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FAQ

What did Targa Resources (TRGP) announce in its 8-K?

It extended the termination date of its accounts-receivable securitization facility to 31-Aug-2026 via the Sixteenth Amendment.

How much is currently outstanding under Targa’s receivables facility?

Approximately $600 million of trade receivable purchases were outstanding as of 28-Jul-2025.

Who administers the securitization facility?

PNC Bank, National Association acts as administrator and letter-of-credit issuer.

Does the amendment change TRGP’s financial guidance or covenants?

No changes to guidance or key covenants were disclosed; the amendment primarily extends the maturity date.

Is the facility size being increased?

The filing does not mention any upsizing; it only references the outstanding balance and new termination date.