Targa Resources Corp. Prices $1.0 Billion Offering of Senior Notes
Vinson & Elkins advised Targa Resources Corp. (“Targa” or the “Company”) (NYSE: TRGP) in connection with pricing an underwritten public offering (the “Offering”) by Targa of $1.0 billion aggregate principal amount of its 5.500% Senior Notes due 2035 at a price to the public of 99.943% of their face value.
The Company expects to receive net proceeds of approximately $999,430,000 from the Offering. The Offering is expected to close on August 9, 2024, subject to customary closing conditions. The Company intends to use the net proceeds from the Offering for general corporate purposes, including to repay borrowings under its unsecured commercial paper note program. Other general corporate purposes may include repayment of other indebtedness, capital expenditures, additions to working capital and investments in its subsidiaries.
The Vinson & Elkins corporate team was led by partners Mike Telle, David Stone and Benji Barron, with assistance from associates Nate Richards, John Frey and Matthew Rando. Also advising were partner Natan Leyva and associate Steve Campbell, and partner Matt Dobbins and associate Kelly Rondinelli.
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