Analysts with Capital One Securities also released an update on potential asset sales in the firm’s research note late last week which could provide additional capital for Targa’s 2019 capex. (Source: Targa Resources Inc./Shutterstock.com)
Targa Resources Corp. (NYSE: TRGP) is set to offer $1.5 billion of debt in the first high-yield bond deal since November, the Houston-based midstream company said in a Jan. 10 press release.
Targa had initially planned to offer a $750 million bond with an 8½-year maturity but later upsized the offering due to strong investor demand, adding a $750 million 10-year tranche, according to a report by the Financial Times citing people familiar with the deal.
The Financial Times report noted there had been no new sales of high-yield bonds for 41 days, which, according to records from data company Dealogic dating back to 1995, marked the longest drought on record.