AG˹ٷ

STOCK TITAN

[8-K] Targa Resources Corp. Reports Material Event

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K
Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., is offering 3-year Partial Principal at Risk Capped Notes linked to the Dow Jones Industrial Average (INDU).

  • Key dates: Pricing 31 Jul 2025, Observation 31 Jul 2028, Maturity 03 Aug 2028.
  • Denomination: $1,000 per note; minimum investment one note.
  • Upside participation: 100% of any positive index return, but the Additional Amount is capped at a Maximum Amount of at least $246.50 (24.65% total return) per $1,000.
  • Downside risk: If the index ends below its initial level, investors receive $1,000 + ($1,000 × Index Return), but never less than $950; maximum loss is therefore 5% of principal.
  • Estimated value at issue: not less than $900 per $1,000 note, reflecting internal funding rates and dealer margins.
  • Payments subject to credit risk of the issuer and guarantor; no interest, dividends or voting rights.

Risks highlighted include credit exposure to JPMorgan entities, limited secondary-market liquidity (dealer is not obligated to bid), potential conflicts in pricing and hedging, a gain cap that restricts upside, possible tax complexity, and the likelihood that secondary prices will be below issue price.

JPMorgan Chase Financial Company LLC, garantita da JPMorgan Chase & Co., offre note a 3 anni Partial Principal at Risk Capped Notes collegate al Dow Jones Industrial Average (INDU).

  • Date chiave: Prezzo 31 lug 2025, Osservazione 31 lug 2028, Scadenza 03 ago 2028.
  • Taglio: $1.000 per nota; investimento minimo di una nota.
  • Partecipazione al rialzo: 100% di qualsiasi rendimento positivo dell'indice, ma l'Importo Aggiuntivo è limitato a un Importo Massimo di almeno $246,50 (24,65% di rendimento totale) per ogni $1.000.
  • Rischio al ribasso: Se l'indice termina sotto il livello iniziale, gli investitori ricevono $1.000 + ($1.000 × Rendimento Indice), ma mai meno di $950; la perdita massima è quindi il 5% del capitale.
  • Valore stimato all'emissione: non inferiore a $900 per ogni nota da $1.000, riflettendo i tassi di finanziamento interni e i margini del dealer.
  • I pagamenti sono soggetti al rischio di credito dell'emittente e del garante; non prevedono interessi, dividendi o diritti di voto.

Rischi evidenziati includono l'esposizione creditizia verso le entità JPMorgan, la limitata liquidità sul mercato secondario (il dealer non è obbligato a fare offerte), potenziali conflitti nella determinazione del prezzo e copertura, un limite al guadagno che restringe il potenziale rialzo, possibili complessità fiscali e la probabilità che i prezzi secondari siano inferiori al prezzo di emissione.

JPMorgan Chase Financial Company LLC, garantizada por JPMorgan Chase & Co., ofrece notas a 3 años Partial Principal at Risk Capped Notes vinculadas al Dow Jones Industrial Average (INDU).

  • Fechas clave: Precio 31 jul 2025, Observación 31 jul 2028, Vencimiento 03 ago 2028.
  • ٱԴdzԲó: $1,000 por nota; inversión mínima de una nota.
  • Participación al alza: 100% de cualquier rendimiento positivo del índice, pero el Monto Adicional está limitado a un Monto Máximo de al menos $246.50 (24.65% de rendimiento total) por cada $1,000.
  • Riesgo a la baja: Si el índice termina por debajo de su nivel inicial, los inversores reciben $1,000 + ($1,000 × Retorno del Índice), pero nunca menos de $950; la pérdida máxima es por lo tanto del 5% del principal.
  • Valor estimado en emisión: no menos de $900 por cada nota de $1,000, reflejando tasas internas de financiamiento y márgenes del distribuidor.
  • Los pagos están sujetos al riesgo crediticio del emisor y garante; no incluyen intereses, dividendos ni derechos de voto.

Riesgos destacados incluyen exposición crediticia a entidades JPMorgan, liquidez limitada en el mercado secundario (el distribuidor no está obligado a ofertar), posibles conflictos en la fijación de precios y cobertura, un límite de ganancia que restringe el potencial al alza, posible complejidad fiscal y la probabilidad de que los precios secundarios estén por debajo del precio de emisión.

JPMorgan Chase Financial Company LLC� JPMorgan Chase & Co.가 보증하며, Dow Jones Industrial Average (INDU)� 연계� 3� 만기 Partial Principal at Risk Capped Notes� 제공합니�.

  • 주요 일정: 가� 결정 2025� 7� 31�, 관찰일 2028� 7� 31�, 만기 2028� 8� 3�.
  • 액면갶: 노트� $1,000; 최소 투자 수량은 1노트.
  • 상승 참여�: 지수의 긍정� 수익� 100% 참여, � 추가 금액은 최대 $246.50 (� 24.65% 수익�)� 제한됩니� (노트� $1,000 기준).
  • 하락 위험: 지수가 초기 수준 이하� 마감� 경우, 투자자는 $1,000 + ($1,000 × 지� 수익�)� 받지�, 최소 $950� 보장됩니�; 최대 손실은 원금� 5%입니�.
  • 발행 � 예상 가�: 내부 자금 조달 비용� 딜러 마진� 반영하여 노트� $900 이상.
  • 지급은 발행� � 보증인의 신용 위험� 따르� 이자, 배당�, 의결권은 없습니다.

주요 위험 요소로는 JPMorgan 관� 기관� 대� 신용 노출, 제한� 2� 시장 유동�(딜러가 입찰 의무 없음), 가� 책정 � 헤징에서� 잠재� 이해 상충, 이익 상한으로 인한 상승 제한, 복잡� 세무 문제 가능성, 그리� 2� 시장 가격이 발행가 이하� 가능성� 포함됩니�.

JPMorgan Chase Financial Company LLC, garantie par JPMorgan Chase & Co., propose des Partial Principal at Risk Capped Notes à 3 ans liées au Dow Jones Industrial Average (INDU).

  • Dates clés : Prix au 31 juil. 2025, Observation au 31 juil. 2028, Échéance au 3 août 2028.
  • Valeur nominale : 1 000 $ par note ; investissement minimum d’une note.
  • Participation à la hausse : 100 % de tout rendement positif de l’indice, mais le montant additionnel est plafonné à un montant maximum d’au moins 246,50 $ (24,65 % de rendement total) par tranche de 1 000 $.
  • Risque à la baisse : Si l’indice termine en dessous de son niveau initial, les investisseurs reçoivent 1 000 $ + (1 000 $ × rendement de l’indice), mais jamais moins de 950 $ ; la perte maximale est donc de 5 % du principal.
  • Valeur estimée à l’émission : pas moins de 900 $ par note de 1 000 $, reflétant les taux de financement internes et les marges du distributeur.
  • Les paiements sont soumis au risque de crédit de l’émetteur et du garant ; pas d’intérêts, de dividendes ni de droits de vote.

Risques soulignés incluent l’exposition au crédit envers les entités JPMorgan, une liquidité limitée sur le marché secondaire (le distributeur n’est pas obligé d’enchérir), des conflits potentiels dans la tarification et la couverture, un plafond de gain limitant le potentiel à la hausse, une possible complexité fiscale, ainsi que la probabilité que les prix secondaires soient inférieurs au prix d’émission.

JPMorgan Chase Financial Company LLC, garantiert von JPMorgan Chase & Co., bietet 3-jährige Partial Principal at Risk Capped Notes an, die an den Dow Jones Industrial Average (INDU) gekoppelt sind.

  • Wichtige Termine: Preisfeststellung 31. Juli 2025, Beobachtung 31. Juli 2028, Fälligkeit 3. August 2028.
  • Nennwert: 1.000 $ pro Note; Mindestanlage eine Note.
  • Teilnahme am Aufwärtspotenzial: 100 % eines positiven Indexertrags, jedoch ist der zusätzliche Betrag gedeckelt bei einem Maximalbetrag von mindestens 246,50 $ (24,65 % Gesamtrendite) pro 1.000 $.
  • äٲ: Liegt der Index zum Ende unter dem Anfangsniveau, erhalten Anleger 1.000 $ + (1.000 $ × Indexrendite), jedoch niemals weniger als 950 $; der maximale Verlust beträgt somit 5 % des Kapitals.
  • Geschätzter Ausgabewert: nicht unter 900 $ pro 1.000 $-Note, basierend auf internen Finanzierungskosten und Händleraufschlägen.
  • Zahlungen unterliegen dem Kreditrisiko des Emittenten und Garanten; keine Zinsen, Dividenden oder Stimmrechte.

Hervorgehobene Risiken umfassen Kreditrisiken gegenüber JPMorgan-Einheiten, begrenzte Liquidität am Sekundärmarkt (Händler ist nicht zum Gebot verpflichtet), potenzielle Interessenkonflikte bei Preisgestaltung und Absicherung, eine Gewinnobergrenze, die das Aufwärtspotenzial begrenzt, mögliche steuerliche Komplexität sowie die Wahrscheinlichkeit, dass Sekundärmarktpreise unter dem Ausgabepreis liegen.

Positive
  • 95% principal protection limits maximum loss to 5% at maturity.
  • 100% participation rate on index upside until the cap is reached.
  • Issuer and guarantor are investment-grade JPMorgan entities, reducing default probability.
Negative
  • Upside capped at a minimum 24.65%, limiting gains in strong markets.
  • Investors face credit risk of JPMorgan; note value sensitive to spread widening.
  • Estimated value ($�900) below issue price implies immediate mark-to-market discount.
  • Limited liquidity; dealer is not obliged to make a market, exposing holders to wider spreads.
  • No interest, dividends or voting rights, reducing total return versus direct equity ownership.

Insights

TL;DR 95% principal protection with 24.65% upside cap; credit and liquidity risks place product in neutral risk-reward territory.

The note offers modest risk mitigation by guaranteeing at least $950 at maturity, attractive for investors seeking limited downside. A full 100% participation rate provides equity exposure, yet the upside is materially capped; even a 40% Dow gain is clipped to 24.65%. Estimated value bottoms at $900, implying a 10% placement premium that investors must overcome before profits. Credit exposure to JPMorgan remains investment-grade but is non-trivial over three years. Secondary liquidity relies solely on JPMS and may involve meaningful bid–ask spreads. Overall, neither structurally advantaged nor unduly risky, the note suits investors comfortable exchanging potential equity upside for slight principal protection.

TL;DR Limited 5% loss buffer is small; gain cap, credit exposure and valuation discount reduce attractiveness versus direct index investment.

From a risk perspective, the 5% buffer protects only shallow declines; any bear-market scenario beyond 5% leaves investors worse than holding plain equities. The gain cap truncates positive tail outcomes, impairing risk-adjusted returns. A 10% initial value discount signals embedded fees and hedging costs that investors effectively pre-pay. Should JPMorgan’s credit spread widen, note prices may fall independent of index performance. Liquidity contingency on a single dealer further compounds exit risk. Consequently, while outright capital loss is capped, the asymmetric payoff may not compensate for embedded costs and idiosyncratic issuer risk.

JPMorgan Chase Financial Company LLC, garantita da JPMorgan Chase & Co., offre note a 3 anni Partial Principal at Risk Capped Notes collegate al Dow Jones Industrial Average (INDU).

  • Date chiave: Prezzo 31 lug 2025, Osservazione 31 lug 2028, Scadenza 03 ago 2028.
  • Taglio: $1.000 per nota; investimento minimo di una nota.
  • Partecipazione al rialzo: 100% di qualsiasi rendimento positivo dell'indice, ma l'Importo Aggiuntivo è limitato a un Importo Massimo di almeno $246,50 (24,65% di rendimento totale) per ogni $1.000.
  • Rischio al ribasso: Se l'indice termina sotto il livello iniziale, gli investitori ricevono $1.000 + ($1.000 × Rendimento Indice), ma mai meno di $950; la perdita massima è quindi il 5% del capitale.
  • Valore stimato all'emissione: non inferiore a $900 per ogni nota da $1.000, riflettendo i tassi di finanziamento interni e i margini del dealer.
  • I pagamenti sono soggetti al rischio di credito dell'emittente e del garante; non prevedono interessi, dividendi o diritti di voto.

Rischi evidenziati includono l'esposizione creditizia verso le entità JPMorgan, la limitata liquidità sul mercato secondario (il dealer non è obbligato a fare offerte), potenziali conflitti nella determinazione del prezzo e copertura, un limite al guadagno che restringe il potenziale rialzo, possibili complessità fiscali e la probabilità che i prezzi secondari siano inferiori al prezzo di emissione.

JPMorgan Chase Financial Company LLC, garantizada por JPMorgan Chase & Co., ofrece notas a 3 años Partial Principal at Risk Capped Notes vinculadas al Dow Jones Industrial Average (INDU).

  • Fechas clave: Precio 31 jul 2025, Observación 31 jul 2028, Vencimiento 03 ago 2028.
  • ٱԴdzԲó: $1,000 por nota; inversión mínima de una nota.
  • Participación al alza: 100% de cualquier rendimiento positivo del índice, pero el Monto Adicional está limitado a un Monto Máximo de al menos $246.50 (24.65% de rendimiento total) por cada $1,000.
  • Riesgo a la baja: Si el índice termina por debajo de su nivel inicial, los inversores reciben $1,000 + ($1,000 × Retorno del Índice), pero nunca menos de $950; la pérdida máxima es por lo tanto del 5% del principal.
  • Valor estimado en emisión: no menos de $900 por cada nota de $1,000, reflejando tasas internas de financiamiento y márgenes del distribuidor.
  • Los pagos están sujetos al riesgo crediticio del emisor y garante; no incluyen intereses, dividendos ni derechos de voto.

Riesgos destacados incluyen exposición crediticia a entidades JPMorgan, liquidez limitada en el mercado secundario (el distribuidor no está obligado a ofertar), posibles conflictos en la fijación de precios y cobertura, un límite de ganancia que restringe el potencial al alza, posible complejidad fiscal y la probabilidad de que los precios secundarios estén por debajo del precio de emisión.

JPMorgan Chase Financial Company LLC� JPMorgan Chase & Co.가 보증하며, Dow Jones Industrial Average (INDU)� 연계� 3� 만기 Partial Principal at Risk Capped Notes� 제공합니�.

  • 주요 일정: 가� 결정 2025� 7� 31�, 관찰일 2028� 7� 31�, 만기 2028� 8� 3�.
  • 액면갶: 노트� $1,000; 최소 투자 수량은 1노트.
  • 상승 참여�: 지수의 긍정� 수익� 100% 참여, � 추가 금액은 최대 $246.50 (� 24.65% 수익�)� 제한됩니� (노트� $1,000 기준).
  • 하락 위험: 지수가 초기 수준 이하� 마감� 경우, 투자자는 $1,000 + ($1,000 × 지� 수익�)� 받지�, 최소 $950� 보장됩니�; 최대 손실은 원금� 5%입니�.
  • 발행 � 예상 가�: 내부 자금 조달 비용� 딜러 마진� 반영하여 노트� $900 이상.
  • 지급은 발행� � 보증인의 신용 위험� 따르� 이자, 배당�, 의결권은 없습니다.

주요 위험 요소로는 JPMorgan 관� 기관� 대� 신용 노출, 제한� 2� 시장 유동�(딜러가 입찰 의무 없음), 가� 책정 � 헤징에서� 잠재� 이해 상충, 이익 상한으로 인한 상승 제한, 복잡� 세무 문제 가능성, 그리� 2� 시장 가격이 발행가 이하� 가능성� 포함됩니�.

JPMorgan Chase Financial Company LLC, garantie par JPMorgan Chase & Co., propose des Partial Principal at Risk Capped Notes à 3 ans liées au Dow Jones Industrial Average (INDU).

  • Dates clés : Prix au 31 juil. 2025, Observation au 31 juil. 2028, Échéance au 3 août 2028.
  • Valeur nominale : 1 000 $ par note ; investissement minimum d’une note.
  • Participation à la hausse : 100 % de tout rendement positif de l’indice, mais le montant additionnel est plafonné à un montant maximum d’au moins 246,50 $ (24,65 % de rendement total) par tranche de 1 000 $.
  • Risque à la baisse : Si l’indice termine en dessous de son niveau initial, les investisseurs reçoivent 1 000 $ + (1 000 $ × rendement de l’indice), mais jamais moins de 950 $ ; la perte maximale est donc de 5 % du principal.
  • Valeur estimée à l’émission : pas moins de 900 $ par note de 1 000 $, reflétant les taux de financement internes et les marges du distributeur.
  • Les paiements sont soumis au risque de crédit de l’émetteur et du garant ; pas d’intérêts, de dividendes ni de droits de vote.

Risques soulignés incluent l’exposition au crédit envers les entités JPMorgan, une liquidité limitée sur le marché secondaire (le distributeur n’est pas obligé d’enchérir), des conflits potentiels dans la tarification et la couverture, un plafond de gain limitant le potentiel à la hausse, une possible complexité fiscale, ainsi que la probabilité que les prix secondaires soient inférieurs au prix d’émission.

JPMorgan Chase Financial Company LLC, garantiert von JPMorgan Chase & Co., bietet 3-jährige Partial Principal at Risk Capped Notes an, die an den Dow Jones Industrial Average (INDU) gekoppelt sind.

  • Wichtige Termine: Preisfeststellung 31. Juli 2025, Beobachtung 31. Juli 2028, Fälligkeit 3. August 2028.
  • Nennwert: 1.000 $ pro Note; Mindestanlage eine Note.
  • Teilnahme am Aufwärtspotenzial: 100 % eines positiven Indexertrags, jedoch ist der zusätzliche Betrag gedeckelt bei einem Maximalbetrag von mindestens 246,50 $ (24,65 % Gesamtrendite) pro 1.000 $.
  • äٲ: Liegt der Index zum Ende unter dem Anfangsniveau, erhalten Anleger 1.000 $ + (1.000 $ × Indexrendite), jedoch niemals weniger als 950 $; der maximale Verlust beträgt somit 5 % des Kapitals.
  • Geschätzter Ausgabewert: nicht unter 900 $ pro 1.000 $-Note, basierend auf internen Finanzierungskosten und Händleraufschlägen.
  • Zahlungen unterliegen dem Kreditrisiko des Emittenten und Garanten; keine Zinsen, Dividenden oder Stimmrechte.

Hervorgehobene Risiken umfassen Kreditrisiken gegenüber JPMorgan-Einheiten, begrenzte Liquidität am Sekundärmarkt (Händler ist nicht zum Gebot verpflichtet), potenzielle Interessenkonflikte bei Preisgestaltung und Absicherung, eine Gewinnobergrenze, die das Aufwärtspotenzial begrenzt, mögliche steuerliche Komplexität sowie die Wahrscheinlichkeit, dass Sekundärmarktpreise unter dem Ausgabepreis liegen.

false 0001389170 0001389170 2025-06-18 2025-06-18
 
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): June 18, 2025

 

 

TARGA RESOURCES CORP.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-34991   20-3701075

(State or other jurisdiction of

incorporation or organization)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

811 Louisiana St, Suite 2100

Houston, TX 77002

(Address of principal executive office and Zip Code)

(713) 584-1000

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

symbol(s)

 

Name of each exchange

on which registered

Common stock   TRGP   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 
 


Item 1.01

Entry into a Material Definitive Agreement.

On June 18, 2025, Targa Resources Corp. (the “Company”), along with certain of its subsidiaries (the “Subsidiary Guarantors”), completed the previously announced underwritten public offering (the “Offering”) of (i) $750 million aggregate principal amount of the Company’s 4.900% Senior Notes due 2030 (the “2030 Notes”) and (ii) $750 million aggregate principal amount of the Company’s 5.650% Senior Notes due 2036 (the “2036 Notes,” and, together with the 2030 Notes, the “Notes”).

The Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the Subsidiary Guarantors (the “Guarantees,” and, together with the Notes, the “Securities”) so long as such Subsidiary Guarantors satisfy certain conditions. The Securities were issued pursuant to the Indenture, dated as of April 6, 2022 (the “Base Indenture”), as supplemented by that certain Eleventh Supplemental Indenture, dated as of June 18, 2025 (the “Eleventh Supplemental Indenture,” and, together with the Base Indenture, the “Indenture”), among the Company, the Subsidiary Guarantors and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).

The Company expects to use a portion of the net proceeds from the Offering to redeem the 6.500% Senior Notes due 2027 (the “2027 Notes”) issued by Targa Resources Partners LP and to use the remaining net proceeds for general corporate purposes, including to repay borrowings under the Company’s unsecured commercial paper note program, to repay other indebtedness, to repurchase or redeem securities or to fund capital expenditures, additions to working capital or investments in its subsidiaries.

The Offering was registered under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to a shelf registration statement on Form S-3ASR (File No. 333-286012) of the Company (as may be amended from time to time, the “Registration Statement”), as supplemented by the Prospectus Supplement, dated June 4, 2025, relating to the Securities (the “Prospectus Supplement”), filed with the U.S. Securities and Exchange Commission on June 6, 2025. A legal opinion related to the Securities is included as Exhibit 5.1 hereto.

The terms of the Securities and the Indenture are further described in the Registration Statement and the Prospectus Supplement under the captions “Description of Debt Securities” and “Description of the Notes,” respectively. Such descriptions do not purport to be complete and are qualified in their entirety by reference to the Base Indenture and the Eleventh Supplemental Indenture, copies of which are filed as Exhibit 4.1 and Exhibit 4.2, respectively, to this Current Report on Form 8-K and incorporated herein by reference.

The Trustee and certain of its affiliates have from time to time performed, and may in the future perform, various financial advisory, commercial and investment banking services for the Company or the Subsidiary Guarantors for which they received or will receive customary fees and expenses. U.S. Bancorp Investments, Inc., one of the underwriters, is an affiliate of the Trustee under the Indenture.

 

Item 2.03

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information contained in Item 1.01 is incorporated by reference into this Item 2.03.

 

Item 9.01

Financial Statements and Exhibits.

 

 4.1    Indenture, dated as of April 6, 2022, among Targa Resources Corp., as issuer, the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to Targa Resources Corp.’s Current Report on Form 8-K filed April 6, 2022 (File No. 001-34991)).
 4.2    Eleventh Supplemental Indenture, dated as of June 18, 2025, among Targa Resources Corp., as issuer, the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee.
 4.3    Form of Notes (included in Exhibit 4.2 hereto).
 5.1    Opinion of Vinson & Elkins L.L.P. regarding the legality of the Securities.
23.1    Consent of Vinson & Elkins L.L.P. (included in Exhibit 5.1 hereto).
104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

2


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

    TARGA RESOURCES CORP.
Dated: June 18, 2025     By:  

/s/ William A. Byers

      William A. Byers
      Chief Financial Officer

 

3

FAQ

What is the minimum repayment investors will receive at maturity?

Holders are entitled to no less than $950 per $1,000 note, limiting loss to 5%.

How is the upside on the Dow Jones Industrial Average captured?

Investors earn 100% of any positive index return until the Additional Amount hits the Maximum Amount cap.

What is the Maximum Amount on these JPMorgan notes?

The cap will be disclosed in the final pricing supplement and will be at least $246.50 (24.65% total return) per $1,000 note.

Do the notes pay interest or dividends during the three-year term?

No. The product pays nothing until maturity; investors forgo index dividends and receive no periodic coupons.

Can I sell the notes before August 3, 2028?

JPMS intends, but is not obligated, to buy notes in the secondary market; liquidity may be limited and prices may be below par.

What credit risks apply to these Partial Principal at Risk Notes?

Payments depend on the creditworthiness of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co.; a downgrade could lower note values.
Targa Res Corp

NYSE:TRGP

TRGP Rankings

TRGP Latest News

TRGP Stock Data

37.70B
213.67M
1.44%
92.92%
1.74%
Oil & Gas Midstream
Natural Gas Transmission
United States
HOUSTON