Item 1.01 Entry into a Material Definitive Agreement.

On December 11, 2020, Targa Resources Partners LP (the "Partnership"), a subsidiary of Targa Resources Corp. (the "Company"), and Targa Receivables LLC, a bankruptcy-remote special purpose entity that is an indirect wholly-owned subsidiary of the Partnership (the "SPV"), entered into a Commitment Increase Request with PNC Bank, National Association, as administrator, purchaser agent and LC Bank, and Wells Fargo Bank, National Association, as purchaser agent and LC Participant (the "Commitment Increase Request") to the Receivables Purchase Agreement dated as of January 10, 2013 among the SPV, as seller, the Partnership, as servicer, the conduit purchasers, the committed purchasers, the purchaser agents and the LC participants party thereto and PNC Bank, National Association, as administrator and LC Bank (the "Purchase Agreement"), which increases the Purchase Limit (as defined in the Purchase Agreement) of the accounts receivable securitization facility (the "Facility") from $250 million to $350 million. As of December 11, 2020, after giving effect to the Commitment Increase Request, there were $250 million of trade receivable purchases outstanding under the Facility. A copy of the Commitment Increase Request is filed as Exhibit 10.1 to this Current Report on Form 8-K.

The foregoing description of the Commitment Increase Request does not purport to be complete and is qualified in its entirety by reference to the full text of the Commitment Increase Request, which is incorporated by reference herein.

The committed purchasers or their respective affiliates have performed investment banking, financial advisory and commercial banking services for the Company, the Partnership and certain of their affiliates, for which they have received customary compensation, and they may continue to do so in the future. The Company, the Partnership or their affiliates have entered into commodity swap transactions with certain of the committed purchasers or their respective affiliates with terms the Company and the Partnership believe to be customary in connection with such transactions.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.



Exhibit
Number                                    Description

10.1           Commitment Increase Request, dated December 11, 2020, by and among
             Targa Receivables LLC, as seller, the Partnership, as servicer, and
             PNC Bank, National Association, as administrator, purchaser agent and
             LC Bank, and Wells Fargo Bank, National Association, as purchaser
             agent and LC Participant.

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




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