Targa Resources to redeem 9.5% Series A Preferred Stock

• Targa Resources (NYSE:TRGP) plans to redeem its 9.5% Series A Preferred Stock on May 3, 2022.
• Post the redemption, there will be no Series A Preferred Stock outstanding, dividends on the Series A Preferred Stock will cease to accumulate and all rights of the holders of shares of Series A Preferred Stock will terminate.
• The Series A Preferred Stock called for redemption will be redeemed on the Redemption Date at a per share price of $1,050/share of Series A Preferred Stock plus $8.87/share which is accrued and unpaid dividends from Apr.1, 2022.
• The total redemption consideration is ~$973.4M.
• The goal is to identify opportunities to generate additional free cash flow by enabling the company to realize annual cash savings associated with the redemption.