Targa Resources Corp美股招股说明书(2025-11-10版)

$750,000,000 4.350% Senior Notes due 2029 $1,000,000,000 5.400% Senior Notes due 2036 We are offering $750,000,000 aggregate principal amount of our 4.350% Senior Notes due 2029 (the “2029 notes”) and $1,000,000,000 aggregate principal amount of our 5.400%Senior Notes due 2036 (the “2036 notes”). In this prospectus supplement, the term “notes” collectively refers to the 2029 notes and the 2036 notes. The 2029 notes will bear interest at the rate of 4.350% per year and will mature on January 15, 2029. The 2036 notes will bear interest at the rate of 5.400% per year and will matureon July30, 2036. Interest on the 2029 notes will be payable semi-annually on January15 and July15 of each year, beginning on January 15, 2026. Interest on the 2036 notes will be payablesemi-annually on January30 and July30 of each year, beginning on January30, 2026. We may redeem some or all of each series of the notes at our option at any time and from time to time prior to their maturity at the applicable redemption prices set forth in thisprospectus supplement, plus accrued and unpaid interest. Please read the section entitled “Description of the Notes—Optional Redemption.” There will be no mandatory redemption or sinkingfund payments for the notes or requirement to repurchase the notes at the option of the holders. We expect to use a portion of the net proceeds from this offering to redeem the 6.875% Senior Notes due 2029 (the “6.875% 2029 notes”) issued by Targa Resources Partners LP(“TRP” or the “Partnership”) and to use the remaining net proceeds for general corporate purposes, including to repay borrowings under our unsecured commercial paper note program (the“Commercial Paper Program”), to repay other indebtedness, to repurchase or redeem securities or to fund capital expenditures, additions to working capital or investments in our subsidiaries. The notes will be our senior unsecured obligations and will rank equally in right of payment with our current and future unsecured senior debt, including debt under our revolvingcredit facility and the Commercial Paper Program, and senior in right of payment to any future subordinated debt that we may incur. The notes will initially be fully and unconditionallyguaranteed, jointly and severally, on a senior unsecured basis by certain of our subsidiaries (each, a “guarantor”). Each guarantee will rank equally in right of payment with all of suchguarantor’s existing and future unsecured senior debt and other unsecured guarantees of senior debt. The notes and the guarantees will be effectively junior to any secured indebtedness ofours or any guarantor to the extent of the value of the assets securing such indebtedness and structurally subordinated to all indebtedness and other obligations of our subsidiaries that do notguarantee the notes. Each series of the notes is a new issue of securities with no established trading market. We do not intend to apply for the listing of the notes on any securities exchange or for thequotation of the notes on any automated dealer quotation system. The underwriters expect to deliver the notes in registered book-entry form only through the facilities of The Depository Trust Company, including Clearstream Banking,sociétéanonyme, Luxembourg and Euroclear Bank NV/SA, on or about November12, 2025. Table of Contents TABLE OF CONTENTS Prospectus Supplement SummaryRisk FactorsUse of ProceedsCapitalizationDescription of the NotesCertain United States Federal Income Tax ConsequencesUnderwriting (Conflicts of Interest)LegalExpertsWhere You Can Find More InformationForward-Looking Statements Prospectus About This ProspectusTarga Resources CorpWhere You Can Find More InformationCautionary Statement About Forward-Looking StatementsRisk FactorsUse of ProceedsDividend PolicyDescription of Debt Securities Description of Capital Stock Description of Depositary Shares Description of Warrants Plan of Distribution Legal Matters Experts We expect that delivery of the notes will be made to investors on or about November 12, 2025, which will be the third business day following thedate hereof (such settlement being referred to as “T+3”). UnderRule15c6-1under the Securities Exchange Act of 1934, as amended (the “ExchangeAct”), trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise.Accordingly, purchasers who wish to trade the notes on any date prior to the business day before delivery of the notes hereunder may be required, byvirtue of the fact that the notes initially settle in T+3, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlementand such purchasers should consult their own advisors. Neither we nor the underwriters have authorized anyone to provide any information other than that which is contained or incorporatedby reference in this prospectus supplement, the accompanying prospectus or any free writing prospectu