Targa Resources Corp. Prices $1.75 Billion Offering of Senior Notes
03 Janeiro 2023 - 7:16PM
Targa Resources Corp. (“Targa” or the “Company”) (NYSE: TRGP),
announced today the pricing of an underwritten public offering (the
“Offering”) of $900 million aggregate principal amount of its
6.125% senior notes due 2033 and $850 million aggregate principal
amount of its 6.500% senior notes due 2053 at a price to the public
of 99.858% and 97.843% of their face value, respectively. The
Offering is expected to close on January 9, 2023, subject to
customary closing conditions.
The Company expects to use a portion of the net
proceeds from the Offering to fund the acquisition of Blackstone
Energy Partners’ 25 percent interest in the Company’s Grand Prix
NGL Pipeline (“Grand Prix”) for aggregate cash consideration of
approximately $1.05 billion, subject to certain closing adjustments
(the “Grand Prix Transaction”). The Company will own 100 percent of
Grand Prix upon the closing of the Grand Prix Transaction. The
Company expects the Grand Prix Transaction to close in the first
quarter of 2023, subject to customary closing conditions, with an
effective date of January 1, 2023. There can be no assurance that
the Grand Prix Transaction will be completed within the time frame
anticipated or at all. The closing of the Offering is not
contingent on the consummation of the Grand Prix Transaction. The
Company expects the remaining net proceeds from the Offering to be
used for general corporate purposes, including to reduce borrowings
under its revolving credit facility and its unsecured commercial
paper note program (the “Commercial Paper Program”). If the Company
does not complete the Grand Prix Transaction, it expects to use the
net proceeds from the Offering for general corporate purposes,
including to reduce borrowings under its revolving credit facility
and the Commercial Paper Program. Other general corporate purposes
may include repayment of other indebtedness, capital expenditures,
additions to working capital, investments in its subsidiaries and
other acquisitions.
This 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 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 midstream infrastructure companies in North America.
The Company owns, operates, acquires, and develops a diversified
portfolio of complementary domestic midstream 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 (“NGL(s)”) to domestic and international markets with
growing demand for cleaner fuels and feedstocks. The Company is
primarily engaged in the business of: gathering, compressing,
treating, processing, transporting, and purchasing and selling
natural gas; transporting, storing, fractionating, treating, and
purchasing and selling NGLs and NGL products, including services to
liquified petroleum gas exporters; and gathering, storing,
terminaling, and purchasing and selling crude oil.
The principal executive offices of Targa
Resources Corp. are located at 811 Louisiana, Suite 2100, Houston,
TX 77002 and their 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. 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, weather, political,
economic and market conditions, including a decline in the price
and market demand for natural gas, NGLs and crude oil, the impact
of pandemics or any other public health crises, commodity price
volatility due to ongoing or new global conflicts, actions by the
Organization of the Petroleum Exporting Countries (“OPEC”) and
non-OPEC oil producing countries, the timing and success of
business development efforts, the completion of the Grand Prix
Transaction, which may not be completed on a timely basis or at
all, and other uncertainties. These and other applicable
uncertainties, factors and risks are described more fully in the
Company's filings with the U.S. Securities and Exchange Commission,
including its Annual Reports on Form 10-K, Quarterly Reports on
Form 10-Q and Current Reports on Form 8-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.
Contact the Company's investor relations department by email at
InvestorRelations@targaresources.com or by phone at (713)
584-1133.
Sanjay LadVice President, Finance & Investor Relations
Jennifer KnealeChief Financial Officer
Targa Resources (NYSE:TRGP)
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