Targa Resources Corp. announces the full repayment of its 9.5%


HOUSTON, April 18, 2022 (GLOBE NEWSWIRE) — Targa Resources Corp. (NYSE: TRGP), a Delaware corporation (the “Company”), today announced that it will send a redemption notice to holders of Series A 9.5% Preferred Shares (the “Preferred Shares”). Series A) of the Company to redeem on May 3, 2022 (the “Redemption Date”) all of the Series A Preferred Shares issued and outstanding pursuant to this Series A Preferred Share Designation Certificate of the Company, dated March 16, 2016. Following the redemption, there will be no more Series A Preferred Shares outstanding, dividends on the Series A Preferred Shares will cease to accrue and all rights of the holders of the Series A Preferred Shares will terminate, except for the right of such holders to receive the Redemption Consideration (as defined below).

The Series A Preferred Shares to be redeemed will be redeemed on the Redemption Date at a price per Share of $1,050 per Series A Preferred Share (the “Liquidation Preference”), plus $8.87 per Share, which is the amount of accrued and unpaid shares. dividends from April 1, 2022 up to, but not including, the redemption date (the “Preferred Dividend” and, with the liquidation preference, the “Redemption Consideration”). The aggregate redemption consideration is approximately $973.4 million. The Redemption Consideration does not include dividends relating to the quarterly period ending March 31, 2022, which will be paid before the Redemption Date on May 2, 2022.

The redemption of the Series A Preferred Shares is consistent with the Company’s ongoing efforts to simplify its capital structure and to identify opportunities to generate additional free cash flow by allowing the Company to realize annual cash savings associated with the redemption. .

As set forth in the Notice of Redemption, payment of the Redemption Consideration will not be made until deemed surrender of the Series A Preferred Shares to the Redemption Agent, Computershare Trust Company, NA Questions Regarding Redemption of Series A Preferred Shares, or proceedings may therefore be directed to Computershare Trust Company, NA at:

Computershare Trust Company, North America
Transfer Agent and Registrar
150 Royal Street
Guangzhou, MA 02021
Tel: 1-800-546-5141

About Targa Resources Corp.

Targa Resources Corp. is a leading midstream service provider and one of the largest independent midstream infrastructure companies in North America. The Company owns, operates, acquires and develops a diversified portfolio of complementary domestic midstream infrastructure assets and its operations are essential to the efficient, safe and reliable supply of energy in the United States and increasingly around the world. The Company’s assets connect natural gas and natural gas liquids (“NGLs”) to domestic and international markets with growing demand for cleaner fuels and feedstocks. The Company is mainly engaged in the following activities: gathering, compression, treatment, treatment, transport, purchase and sale of natural gas; transportation, storage, fractionation, processing, purchase and sale of NGLs and NGL products, including services to liquefied petroleum gas exporters; and the gathering, storage, terminal, purchase and sale of crude oil.

The main executive offices of Targa Resources Corp. are located at 811 Louisiana Street, Suite 2100, Houston, TX 77002 and their phone number is 713-584-1000.

For more information, please visit our website at www.targaresources.com.

Forward-looking statements

Certain statements contained in this release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements are based on a number of assumptions about future events and are subject to a number of uncertainties, factors and risks, many of which are beyond the Company’s control, which could cause material different from those expected by the management of the Company. These risks and uncertainties include, but are not limited to, weather, political, economic and market conditions, including a decline in market price and demand for natural gas, natural gas liquids and crude oil. , the impact of pandemics such as COVID-19 , the actions of the Organization of the Petroleum Exporting Countries (“OPEC”) and non-OPEC oil producing countries, the timing and success of business development, and other uncertainties. These and other applicable uncertainties, factors and risks are more fully described in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, and all quarterly reports subsequently filed on Form 10-Q and current reports. on Form 8-K. The Company does not undertake to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Contact the Company’s Investor Relations Department by email at [email protected] or by phone at (713) 584-1133.

Sanjay Boy

Vice President, Finance and Investor Relations

Jennifer Kneale
Financial director


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