Targa Resources to redeem 9.5% Series A Preferred Stock

Apr. 18, 2022 6:32 AM ETTarga Resources Corp. (TRGP)By: Khyathi Dalal, SA News Editor2 Comments
  • 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.
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