TRGP · 10-Q · 2026Q2 · Full report
Liquidity and Debt Position
Targa Resources Corp. · 2026-08-06 · Importance 56 · Surprise 24 · From source text
At June 30, 2026, Targa had $14,211.1 million of TRGP senior unsecured notes, $3,649.9 million of Partnership senior unsecured notes, $600.3 million drawn under the TRGP Revolver and Commercial Paper Program, and $451.0 million under the Securitization Facility. January borrowings of $650.0 million under the Commercial Paper Program and $600.0 million under the Securitization Facility funded the $1.25 billion Stakeholder Acquisition. In March 2026, Targa issued $750.0 million of 4.350% senior notes due 2031 and $750.0 million of 6.050% senior notes due 2056, generating approximately $1,483.2 million of net proceeds that were used partly to reduce commercial paper borrowings. The Securitization Facility was amended in July 2026 to extend its termination date to July 30, 2027 and increase total capacity from $600 million to $800 million.
Key facts
- In March 2026 Targa completed an underwritten public offering of $750.0 million of 4.350% Notes due 2031 and $750.0 million of 6.050% Notes due 2056 resulting in net proceeds of approximately $1,483.2 million. source
- In March 2026 completed underwritten public offering of $750.0 million 4.350% Senior Unsecured Notes due 2031 and $750.0 million 6.050% Senior Unsecured Notes due 2056, resulting in net proceeds approx $1,483.2 million; debt issuance costs $15.2 million and discount $1.6 million source
- We guarantee all of the Partnership’s outstanding senior unsecured notes source
- Used $650.0 million borrowings from Commercial Paper Program and $600.0 million from Securitization Facility in January 2026 to fund the Stakeholder Acquisition. source
- In January 2026 redeemed all $679.3 million aggregate principal amount of Partnership’s 6.875% Senior Unsecured Notes due 2029 for total cash payment $687.1 million and recognized debt extinguishment loss $10.1 million (composed of $7.8 million redemption premium and $2.3 million write-off of debt issuance costs) source
- Adjusted cash flow from operations for three months ended June 30, 2026: $1,371.0 million source
- TRGP Senior unsecured notes carrying value as of June 30, 2026: $14,211.1 million and fair value: $14,285.4 million. source
- Partnership’s Senior unsecured notes carrying value as of June 30, 2026: $3,649.9 million and fair value: $3,605.2 million. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -11.1% | Net cash provided by (used in) investing activities for six months ended June 30, 2026: ($3,174.4) million |
| cash | positive | realized | +7.7% | Net cash provided by operating activities for six months ended June 30, 2026: $2,180.8 million |
| net_income | negative | realized | -5.3% | Three months ended June 30, 2026 Interest expense, net: $(236.6) million |
| liability | negative | realized | -5.3% | In March 2026 completed underwritten public offering of $750.0 million 4.350% Senior Unsecured Notes due 2031 and $750.0 million 6.050%… |
| cash | positive | realized | +5.2% | In March 2026 completed underwritten public offering of $750.0 million 4.350% Senior Unsecured Notes due 2031 and $750.0 million 6.050%… |
| cash | positive | realized | +3.4% | Net cash provided by financing activities for six months ended June 30, 2026: $959.8 million |
| cash | negative | realized | -2.4% | In January 2026 redeemed all $679.3 million aggregate principal amount of Partnership’s 6.875% Senior Unsecured Notes due 2029 for total… |
| liability | positive | realized | +2.4% | In January 2026 redeemed all $679.3 million aggregate principal amount of Partnership’s 6.875% Senior Unsecured Notes due 2029 for total… |
| net_income | negative | realized | -0.2% | In January 2026 redeemed all $679.3 million aggregate principal amount of Partnership’s 6.875% Senior Unsecured Notes due 2029 for total… |
| cash | negative | realized | -0.2% | Interest paid, net of capitalized interest for the six months ended June 30, 2026: $419.9 million and for 2025: $363.4 million. |
| liability | positive | realized | +0.1% | Master netting provisions reduced maximum loss due to counterparty credit risk by $24.8 million as of June 30, 2026. |
| liability | negative | contingent | — | We guarantee all of the Partnership’s outstanding senior unsecured notes |