Item 1.01 Entry into a Material Definitive Agreement.

On January 9, 2023, Targa Resources Corp. (the "Company"), along with certain of its subsidiaries (the "Subsidiary Guarantors"), completed the previously announced underwritten public offering (the "Offering") of (i) $900,000,000 in aggregate principal amount of the Company's 6.125% Senior Notes due 2033 (the "2033 Notes") and (ii) $850,000,000 in aggregate principal amount of the Company's 6.500% Senior Notes due 2053 (the "2053 Notes" and, together with the 2033 Notes, the "Notes").

The Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the Subsidiary Guarantors (the "Guarantees" and, together with the Notes, the "Securities") so long as such Subsidiary Guarantors satisfy certain conditions. The Securities were issued pursuant to the Indenture, dated as of April 6, 2022 (the "Base Indenture"), as supplemented by that certain Fifth Supplemental Indenture, dated as of January 9, 2023 (the "Fifth Supplemental Indenture" and, together with the Base Indenture, the "Indenture"), among the Company, the Subsidiary Guarantors and U.S. Bank Trust Company, National Association, as trustee (the "Trustee").

The Company used a portion of the net proceeds from the Offering to fund the acquisition of Blackstone Energy Partners' 25 percent interest in its Grand Prix NGL Pipeline for aggregate cash consideration of approximately $1.05 billion, subject to certain closing adjustments (the "Grand Prix Transaction"). The Company expects the remaining net proceeds from the Offering to be used for general corporate purposes, including to reduce borrowings under its revolving credit facility and its unsecured commercial paper note program. Other general corporate purposes may include repayment of other indebtedness, capital expenditures, additions to working capital, investments in its subsidiaries and other acquisitions.

The Offering was registered under the Securities Act of 1933, as amended (the "Securities Act"), pursuant to a shelf registration statement on Form S-3ASR (File No. 333-263730) of the Company (as may be amended from time to time, the "Registration Statement"), as supplemented by the Prospectus Supplement dated January 3, 2023 relating to the Securities (the "Prospectus Supplement"), filed with the U.S. Securities and Exchange Commission on January 5, 2023. Legal opinions related to the Securities are included as Exhibit 5.1 and Exhibit 5.2 hereto.

The terms of the Securities and the Indenture are further described in the Registration Statement and the Prospectus Supplement under the captions "Description of Debt Securities" and "Description of the Notes," respectively. Such descriptions do not purport to be complete and are qualified in their entirety by reference to the Base Indenture and the Fifth Supplemental Indenture, copies of which are filed as Exhibit 4.1 and Exhibit 4.2, respectively, to this Current Report on Form 8-K and incorporated herein by reference.

The Trustee and certain of its affiliates have from time to time performed, and may in the future perform, various financial advisory, commercial and investment banking services for the Company or the Subsidiary Guarantors for which they received or will receive customary fees and expenses. An affiliate of the Trustee is a lender under the Company's credit facility.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an

Off-Balance Sheet Arrangement of a Registrant.

The information contained in Item 1.01 is incorporated by reference into this Item 2.03.

Item 7.01 Regulation FD Disclosure.

The information contained in the following Item 8.01 related to, and the accompanying, Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, regardless of the general incorporation language of such filing, except as shall be expressly set forth by specific reference in such filing.




Item 8.01 Other Events.

On January 9, 2023, the Company issued a news release announcing the closing of the Grand Prix Transaction. A copy of the news release is attached hereto, furnished as Exhibit 99.1 and incorporated in this Item 8.01 by reference.

--------------------------------------------------------------------------------

Item 9.01 Financial Statements and Exhibits.





 4.1      Indenture, dated as of April 6, 2022, among Targa Resources Corp., as
        issuer, the guarantors named therein and U.S. Bank Trust Company, National
        Association, as trustee (incorporated by reference to Exhibit 4.1 to Targa
        Resources Corp.'s Current Report on Form 8-K filed April 6, 2022 (File
        No. 001-34991)).

 4.2      Fifth Supplemental Indenture, dated as of January 9, 2023, among Targa
        Resources Corp., as issuer, the guarantors named therein and U.S. Bank
        Trust Company, National Association, as trustee.

 4.3      Form of Notes (included in Exhibit 4.2 hereto).

 5.1      Opinion of Vinson & Elkins L.L.P. regarding the legality of the
        Securities.

 5.2      Opinion of Hall, Estill, Hardwick, Gable, Golden & Nelson, P.C.
        regarding the legality of the Securities.

23.1      Consent of Vinson & Elkins L.L.P. (included in Exhibit 5.1 hereto).

23.2      Consent of Hall, Estill, Hardwick, Gable, Golden & Nelson, P.C.
        (included in Exhibit 5.2 hereto).

99.1      Press release dated January 9, 2023, announcing the closing of the Grand
        Prix Transaction.

104     Cover Page Interactive Data File (embedded within the Inline XBRL
        document).

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses