M&A - Targa Energy GP LLC

Form Type: 424B5

Filing Date: 2025-02-24

Corporate Action: Acquisition

Type: New

Accession Number: 000119312525032856

Filing Summary: Targa Resources Corp. is offering senior notes due 2035 and 2055 to raise funds, part of which will be used for the Badlands Transaction, an acquisition of preferred equity in Targa Badlands LLC, the entity holding its North Dakota assets, valued at approximately $1.8 billion. The transaction is expected to complete in Q1 2025, with an effective date of January 1, 2025. This offering's proceeds will also support general corporate purposes including repayment of debt under their Commercial Paper Program. The notes will be senior unsecured obligations and rank alongside other existing unsecured senior debts. The offering involves risks including a substantial amount of existing debt that may affect financial flexibility. The closing of this offering is independent of the Badlands Transaction completion.

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