Targa Resources (TRGP) said late Monday it priced an underwritten public offering of $1 billion of 5.550% senior notes due 2035 at 99.61% of face value and $1 billion of 6.125% senior notes due 2055 at 99.781% of par.
Net proceeds will be used to fund the repurchase of outstanding preferred equity in Targa Badlands for about $1.8 billion, and for general corporate purposes.
Closing of the offering is expected to occur on Thursday, subject to customary conditions.
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