Nov. 19, 2020 -- Targa Resources Partners LP (the “Partnership”), a subsidiary of Targa Resources Corp. (NYSE: TRGP) (the “Company”), today announced that it intends to redeem all $125 million of its 5,000,000 issued and outstanding 9.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the “Series A Preferred Units”) (CUSIP: 87611X 204). Series A Preferred Units held through the Depository Trust Company will be redeemed in accordance with the applicable procedures of the Depository Trust Company. The redemption date will be December 21, 2020 (the “Redemption Date”). The Series A Preferred Units will be redeemed at a redemption price of $25.00 per share, plus an amount equal to all accumulated and unpaid distributions thereon to the date of redemption, whether or not declared (the “Redemption Consideration”), which will be payable in cash on the Redemption Date.

QUANTUMONLINE.COM SECURITY DESCRIPTION:  Targa Resources Partners, L.P., Series A, Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, liquidation preference $25 per unit, redeemable at the issuer's option on or after 11/1/2020 at $25 per unit plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 9.00% per annum ($2.25 per annum or $0.1875 per month) will be paid monthly on the 15th day of each month to holders of record that will be the last business day of the month prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). On and after 11/1/2020, distributions on the Series A Preferred Units will accumulate at an annual floating rate equal to the one-month LIBOR plus a spread of 7.71%. Upon the occurrence of a change of control the company will have the option within 120 days to redeem the preferred units at $25 per unit plus accrued and unpaid dividends. If the company has exercised their redemption right, the holders will NOT have the following conversion right. Upon the occurrence of a change of control, and the company has NOT provided notice that they intend to redeem the preferred units, the holder will have the right to convert the preferred units into common units under certain circumstances (see the prospectus for details). Holders of the Preferred Units will receive specific tax information from the company, including a Schedule K-1 which generally would be expected to provide a single income item equal to the preferred return (see page S-43 of the prospectus for details). This security was rated as Ba3 by Moody’s and B+ by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred units rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common units of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.

Stock Exchange	Cpn Rate Ann Amt	LiqPref CallPrice	Call Date Matur Date	Moodys/S&P Dated	Distribution Dates	15% Tax Rate
NYSE Chart	FixFloat $2.25	$25.00 $25.00	Called for 12/21/2020 None	B1 B 4/30/2020	15th day of each month Click for MW ExDiv Date Click for Yahoo ExDiv Date	No

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Email Address

InvestorRelations@targaresources.com

Address and Phone Numbers

Address:   1000 Louisiana, Suite 4300, Houston, TX 77002
Main Phone Number	713-584-1000
Fax Number	713-584-1100
Investor Relations   Sanjay Lad	713-584-1000
Toll Free Phone Number	Unknown

CEO - Joe Bob Perkins

CFO - Jennifer R. Kneale