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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.