Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses
25 February 2025 - 9:21AM
Edgar (US Regulatory)
Filed Pursuant to Rule 433
Issuer Free Writing Prospectus dated February 24, 2025
Registration Statement No. 333-263730
TARGA RESOURCES CORP.
PRICING TERM SHEET
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| Issuer: |
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Targa Resources Corp. |
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| Ratings* (Moody’s / S&P / Fitch): |
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Baa2 / BBB / BBB |
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| Note Type: |
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Senior Unsecured Notes |
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| Pricing Date: |
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February 24, 2025 |
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| Settlement Date**: |
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February 27, 2025 (T+3) |
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| Gross Proceeds (before underwriting discounts and offering expenses): |
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$1,993,910,000 |
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$1,000,000,000
5.550% Senior Notes Due
2035 |
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$1,000,000,000
6.125% Senior Notes Due
2055 |
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| Principal Amount: |
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$1,000,000,000 |
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$1,000,000,000 |
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| Maturity Date: |
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August 15, 2035 |
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May 15, 2055 |
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| Benchmark Treasury: |
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4.625% due February 15, 2035 |
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4.500% due November 15, 2054 |
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| Benchmark Treasury Price and Yield: |
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101-25+ / 4.400% |
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97-09+ / 4.669% |
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| Spread to Benchmark: |
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+ 120 bps |
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+ 147 bps |
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| Yield to Maturity: |
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5.600% |
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6.139% |
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| Coupon: |
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5.550% |
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6.125% |
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| Public Offering Price: |
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99.610% of the principal amount |
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99.781% of the principal amount |
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| Make-Whole Call: |
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T + 20 bps |
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T + 25 bps |
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| Call at Par: |
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On or after May 15, 2035 |
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On or after November 15, 2054 |
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| Interest Payment Dates: |
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February 15 and August 15, beginning August 15, 2025 |
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May 15 and November 15, beginning November 15, 2025 |
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| CUSIP / ISIN: |
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87612G AM3 / US87612GAM33 |
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87612G AN1 / US87612GAN16 |
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| Joint Book-Running Managers: |
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BofA Securities, Inc. MUFG Securities Americas
Inc. RBC Capital Markets, LLC Wells Fargo Securities, LLC
Barclays Capital Inc. Capital One Securities, Inc.
Citigroup Global Markets Inc. J.P. Morgan Securities LLC
Mizuho Securities USA LLC PNC Capital Markets LLC
TD Securities (USA) LLC Truist Securities, Inc. |
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| Co-Managers: |
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CIBC World Markets Corp. Goldman
Sachs & Co. LLC Morgan Stanley & Co. LLC
Regions Securities LLC SMBC Nikko Securities America, Inc.
Comerica Securities, Inc. U.S. Bancorp Investments, Inc.
Zions Direct, Inc. |
| * |
Note: A securities rating is not a recommendation to buy, sell or hold securities and is subject to revision or
withdrawal at any time. |
| ** |
We expect delivery of the notes will be made against payment therefor on or about February 27, 2025, which
is the third business day following the date of pricing of the notes (such settlement being referred to as “T+3”). Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary
market generally are required to settle in one business day unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes prior to the business day prior to delivery will be required, by virtue
of the fact that the notes initially will settle in T+3, to specify an alternate settlement cycle at the time of any such trade to prevent failed settlement and should consult their own advisers. |
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The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and any other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the
SEC web site at http://www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting BofA Securities, Inc. at 1-800-294-1322, MUFG Securities Americas Inc. at 1-877-649-6848, RBC Capital Markets, LLC at 866-375-6829 or Wells Fargo Securities, LLC at
1-800-645-3751.
ANY DISCLAIMERS
OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER
EMAIL SYSTEM.
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