Filed Pursuant to Rule 433
Issuer Free Writing Prospectus dated November 6, 2025
Registration Statement No. 333-286012
TARGA RESOURCES CORP.
PRICING TERM SHEET
| Issuer: | Targa Resources Corp. | |
| Ratings* (Moody’s / S&P / Fitch): | Baa2 / BBB / BBB | |
| Note Type: | Senior Unsecured Notes | |
| Pricing Date: | November 6, 2025 | |
| Settlement Date**: | November 12, 2025 (T+3) | |
| Gross Proceeds (before underwriting discounts and offering expenses): | $1,748,735,000 | |
| $750,000,000 4.350% Senior Notes Due 2029 |
$1,000,000,000 5.400% Senior Notes Due 2036 | |||
| Principal Amount: |
$750,000,000 | $1,000,000,000 | ||
| Maturity Date: |
January 15, 2029 | July 30, 2036 | ||
| Benchmark Treasury: |
3.500% due October 15, 2028 | 4.250% due August 15, 2035 | ||
| Benchmark Treasury Price and Yield: |
99-25+ / 3.573% | 101-08+ / 4.091% | ||
| Spread to Benchmark: |
+ 80bps | + 132bps | ||
| Yield to Maturity: |
4.373% | 5.411% | ||
| Coupon: |
4.350% | 5.400% | ||
| Public Offering Price: |
99.938% of the principal amount | 99.920% of the principal amount |
| Make-Whole Call: |
T + 15 bps | T + 20 bps | ||
| Call at Par: |
On or after December 15, 2028 | On or after April 30, 2036 | ||
| Interest Payment Dates: |
January 15 and July 15, beginning January 15, 2026 | January 30 and July 30, beginning January 30, 2026 | ||
| CUSIP / ISIN: |
87612G AR2 / US87612GAR20 | 87612G AS0 / US87612GAS03 | ||
| Joint Book-Running Managers: |
BofA Securities, Inc. Citigroup Global Markets Inc. RBC Capital Markets, LLC Truist Securities, Inc. Barclays Capital Inc. Capital One Securities, Inc. MUFG Securities Americas Inc. TD Securities (USA) LLC Wells Fargo Securities, LLC |
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| Co-Managers: |
CIBC World Markets Corp. Goldman Sachs & Co. LLC Morgan Stanley & Co. LLC Regions Securities LLC SMBC Nikko Securities America, Inc. Comerica Securities, Inc. U.S. Bancorp Investments, Inc. Zions Direct, Inc. |
| * | Note: A securities rating is not a recommendation to buy, sell or hold securities and is subject to revision or withdrawal at any time. |
| ** | We expect delivery of the notes will be made against payment therefor on or about November 12, 2025, which is the third business day following the date of pricing of the notes (such settlement being referred to as “T+3”). Under Rule 15c6-1 of the Securities Exchange Act of 1934, 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 prior to the business day prior to delivery will be required, by virtue of the fact that the notes initially will settle in T+3, to specify an alternate settlement cycle at the time of any such trade to prevent failed settlement and should consult their own advisers. |
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The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and any other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at http://www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting BofA Securities, Inc. at 1-800-294-1322, Citigroup Global Markets Inc. at 1-800-831-9146, RBC Capital Markets, LLC at 1-866-375-6829 or Truist Securities, Inc. at 1-800-685-4786.
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