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HOUSTON - Targa Resources Corp. (NYSE:TRGP) announced Thursday the pricing of a $1.75 billion public offering of senior notes in two tranches. The offering includes $750 million of 4.350% Senior Notes due 2029 and $1.0 billion of 5.400% Senior Notes due 2036. The midstream energy company, currently valued at approximately $35 billion, has seen its shares surge nearly 13% over the past week.
The notes were priced at 99.938% and 99.920% of their face value, respectively. The offering is expected to close on November 12, 2025, subject to customary closing conditions.
Targa intends to use part of the proceeds to redeem its 6.875% Senior Notes due 2029 issued by Targa Resources Partners LP. The remaining funds will be allocated to general corporate purposes, including repaying borrowings under its unsecured commercial paper note program, repaying other debt, repurchasing or redeeming securities, or funding capital expenditures. This debt management aligns with the company’s current debt-to-equity ratio of 6.5x, according to InvestingPro data.
The offering is being conducted pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission.
Targa Resources Corp. provides midstream services and operates a portfolio of domestic infrastructure assets that connect natural gas and natural gas liquids to markets across the United States and internationally.
This article is based on a press release statement from Targa Resources Corp.
In other recent news, Targa Resources Inc. reported its third-quarter 2025 earnings, surpassing analysts’ expectations with an earnings per share (EPS) of $2.13, compared to the forecasted $2.11. Despite this positive earnings surprise, the company experienced a revenue miss. Investors, however, seemed to maintain confidence in Targa Resources’ strategic initiatives and growth prospects. In related developments, there were no reports of mergers or acquisitions involving the company. Analyst firms have not issued any recent upgrades or downgrades for Targa Resources. The company’s stock experienced an increase in pre-market trading, although specific stock price movements are not the focus here. These developments highlight the latest financial and strategic activities surrounding Targa Resources.
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