Targa Resources Corp. (NYSE: TRGP) is set to offer $1.5 billion of debt in the first high-yield bond deal since November, the Houston-based midstream company said in a Jan. 10 press release.

Targa had initially planned to offer a $750 million bond with an 8½-year maturity but later upsized the offering due to strong investor demand, adding a $750 million 10-year tranche, according to a report by the Financial Times citing people familiar with the deal.

The Financial Times report noted there had been no new sales of high-yield bonds for 41 days, which, according to records from data company Dealogic dating back to 1995, marked the longest drought on record.

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