0001193125-25-134965.txt : 20250604 0001193125-25-134965.hdr.sgml : 20250604 20250604164428 ACCESSION NUMBER: 0001193125-25-134965 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20250604 DATE AS OF CHANGE: 20250604 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Targa Resources Corp. CENTRAL INDEX KEY: 0001389170 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS TRANSMISSION [4922] ORGANIZATION NAME: 01 Energy & Transportation EIN: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-286012 FILM NUMBER: 251023736 BUSINESS ADDRESS: STREET 1: TARGA RESOURCES PARTNERS LP STREET 2: 1000 LOUISIANA STREET, SUITE 4300 CITY: HOUSTON STATE: TX ZIP: 77002 BUSINESS PHONE: 713-584-1000 MAIL ADDRESS: STREET 1: TARGA RESOURCES PARTNERS LP STREET 2: 1000 LOUISIANA STREET, SUITE 4300 CITY: HOUSTON STATE: TX ZIP: 77002 FORMER COMPANY: FORMER CONFORMED NAME: Targa Resources Investments Inc. DATE OF NAME CHANGE: 20070207 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Targa Resources Corp. CENTRAL INDEX KEY: 0001389170 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS TRANSMISSION [4922] ORGANIZATION NAME: 01 Energy & Transportation EIN: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: TARGA RESOURCES PARTNERS LP STREET 2: 1000 LOUISIANA STREET, SUITE 4300 CITY: HOUSTON STATE: TX ZIP: 77002 BUSINESS PHONE: 713-584-1000 MAIL ADDRESS: STREET 1: TARGA RESOURCES PARTNERS LP STREET 2: 1000 LOUISIANA STREET, SUITE 4300 CITY: HOUSTON STATE: TX ZIP: 77002 FORMER COMPANY: FORMER CONFORMED NAME: Targa Resources Investments Inc. DATE OF NAME CHANGE: 20070207 FWP 1 d21020dfwp.htm FWP FWP

Filed Pursuant to Rule 433

Issuer Free Writing Prospectus dated June 4, 2025

Registration Statement No. 333-286012

TARGA RESOURCES CORP.

PRICING TERM SHEET

 

Issuer:    Targa Resources Corp.
Ratings* (Moody’s / S&P / Fitch):    Baa2 / BBB / BBB
Note Type:    Senior Unsecured Notes
Pricing Date:    June 4, 2025
Settlement Date**:    June 18, 2025 (T+10)
Gross Proceeds (before underwriting discounts and offering expenses):    $1,496,775,000

 

    

$750,000,000

4.900% Senior Notes

Due 2030

   

$750,000,000

5.650% Senior Notes

Due 2036

Principal Amount:    $750,000,000    $750,000,000
Maturity Date:    September 15, 2030    February 15, 2036
Benchmark Treasury:    4.000% due May 31, 2030    4.250% due May 15, 2035
Benchmark Treasury Price and Yield:    100-10 / 3.930%    99-04 / 4.359%
Spread to Benchmark:    + 100 bps    + 133 bps
Yield to Maturity:    4.930%    5.689%
Coupon:    4.900%    5.650%
Public Offering Price:    99.870% of the principal amount    99.700% of the principal amount

Make-Whole Call:    T + 15 bps    T + 20 bps
Call at Par:    On or after August 15, 2030    On or after November 15, 2035
Interest Payment Dates:    March 15 and September 15, beginning September 15, 2025    February 15 and August 15, beginning August 15, 2025
CUSIP / ISIN:    87612G AP6 / US87612GAP63    87612G AQ4 / US87612GAQ47
Joint Book-Running Managers:   

Barclays Capital Inc.

Citigroup Global Markets Inc.

J.P. Morgan Securities LLC

Mizuho Securities USA LLC

Capital One Securities, Inc.

PNC Capital Markets LLC

RBC Capital Markets, LLC

Truist Securities, Inc.

   
Co-Managers:   

CIBC World Markets Corp.

Goldman Sachs & Co. LLC

Morgan Stanley & Co. LLC

Regions Securities LLC

SMBC Nikko Securities America, Inc.

Comerica Securities, Inc.

U.S. Bancorp Investments, Inc.

Zions Direct, Inc.

 

*

Note: A securities rating is not a recommendation to buy, sell or hold securities and is subject to revision or withdrawal at any time.

**

We expect delivery of the notes will be made against payment therefor on or about June 18, 2025, which is the tenth business day following the date of pricing of the notes (such settlement being referred to as “T+10”). Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in one business day unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes prior to the business day prior to delivery will be required, by virtue of the fact that the notes initially will settle in T+10, to specify an alternate settlement cycle at the time of any such trade to prevent failed settlement and should consult their own advisers.

************************

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and any other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at http://www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting Barclays Capital Inc. at 1-888-603-5847, Citigroup Global Markets Inc. at 1-800-831-9146, J.P. Morgan Securities LLC at 1-212-834-4533 or Mizuho Securities USA LLC at 1-866-271-7403.

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.