Debt Obligations (Tables)

9 Months Ended

Sep. 30, 2022


	September 30, 2022			December 31, 2021
Current:
Partnership accounts receivable securitization facility, due September 2023 (1)	$	750.0		$	150.0
Finance lease liabilities		16.5			12.8
Current debt obligations		766.5			162.8

Long-term:
Term loan facility, variable rate, due July 2025		1,500.0			—
TRGP senior revolving credit facility, variable rate, due February 2027 (2)		1,182.0			—
Senior unsecured notes issued by TRGP:
5.200% fixed rate, due July 2027		750.0			—
4.200% fixed rate, due February 2033		750.0			—
4.950% fixed rate, due April 2052		750.0			—
6.250% fixed rate, due July 2052		500.0			—
Unamortized discount		(8.5	)		—
Senior unsecured notes issued by the Partnership: (3)
5.875% fixed rate, due April 2026 (4)		—			963.2
5.375% fixed rate, due February 2027 (5)		—			468.1
6.500% fixed rate, due July 2027		705.2			705.2
5.000% fixed rate, due January 2028		700.3			700.3
6.875% fixed rate, due January 2029		679.3			679.3
5.500% fixed rate, due March 2030		949.6			949.6
4.875% fixed rate, due February 2031		1,000.0			1,000.0
4.000% fixed rate, due January 2032		1,000.0			1,000.0
		10,457.9			6,465.7
Debt issuance costs, net of amortization		(66.5	)		(45.0	)
Finance lease liabilities		39.9			13.7
Long-term debt		10,431.3			6,434.4
Total debt obligations	$	11,197.8		$	6,597.2
Irrevocable standby letters of credit: (2)
Letters of credit outstanding under the TRGP senior revolving credit facility	$	47.2		$	—
Letters of credit outstanding under the Partnership senior secured revolving credit facility		—			71.3
	$	47.2		$	71.3

(1)

In September 2022, the Partnership amended the Securitization Facility to, among other things, increase the facility size from $400.0 million to $800.0 million and extend the facility termination date to September 1, 2023. As of September 30, 2022, the Partnership had $750.0 million of qualifying receivables under its $800.0 million accounts receivable securitization facility (the “Securitization Facility”), resulting in $50.0 million of availability.

(2)

In February 2022, we entered into the TRGP Revolver which matures in February 2027, and terminated our previous TRGP senior secured revolving credit facility (the “Previous TRGP Revolver”) and the Partnership’s senior secured revolving credit facility (the “Partnership Revolver”). In July 2022, we established an unsecured commercial paper note program (the “Commercial Paper Program”), the borrowings of which are supported through maintaining a minimum available borrowing capacity under our TRGP Revolver equal to the aggregate amount outstanding under the Commercial Paper Program. As of September 30, 2022, the TRGP Revolver had $550.0 million borrowings outstanding and the Commercial Paper Program had $632.0 million borrowings outstanding, resulting in approximately $1.5 billion of available liquidity, after accounting for outstanding letters of credit. As of December 31, 2021, we had no balance outstanding under the Previous TRGP Revolver or the Partnership Revolver.

(3)

As of February 2022, we guarantee all of the Partnership’s outstanding senior unsecured notes.

(4)

In April 2022, the Partnership redeemed all of the outstanding 5.875% Senior Notes due 2026 (the “5.875% Notes”).

(5)

In March 2022, the Partnership redeemed all of the outstanding 5.375% Senior Notes due 2027 (the “5.375% Notes”) with the available liquidity under the TRGP Revolver.

Range of Interest Rates and Weighted Average Interest Rate Incurred on Variable Rate Debt Obligations

The following table shows the range of interest rates and weighted average interest rate incurred on our variable-rate debt obligations during the nine months ended September 30, 2022:


	Range of Interest Rates Incurred	Weighted Average Interest Rate Incurred
TRGP Revolver and Commercial Paper Program	1.5% - 4.7%	2.9%
Securitization Facility	1.1% - 3.8%	2.0%
Term Loan Facility	4.1% - 4.1%	4.1%

Summary of Payment Obligations for Debt Instruments

The following table summarizes payment obligations as of September 30, 2022, for debt instruments after giving effect to the debt extinguishments detailed above:


	Payments Due By Period
			Less Than						More Than
	Total		1 Year		1-3 Years		3-5 Years		5 Years

Long-term debt obligations (1)	$	10,466.4	$	—	$	1,500.0	$	2,637.2	$	6,329.2
Interest on debt obligations (2)		4,870.7		524.6		1,049.3		882.0		2,414.8
	$	15,337.1	$	524.6	$	2,549.3	$	3,519.2	$	8,744.0

(1)

Represents scheduled future maturities of consolidated debt obligations for the periods indicated.

(2)

Represents interest expense on debt obligations based on both fixed debt interest rates and prevailing September 30, 2022 rates for floating debt. During the preparation of the Company's third quarter 2022 consolidated financial statements, the Company identified an error related to the disclosure of future payment obligations for interest on debt. The Company does not believe this disclosure error is material to its previously issued historical consolidated financial statements for any of the periods impacted and accordingly, has not adjusted the historical financial statements disclosures. As of March 31, 2022, the future payment obligations for interest on debt were $2,340.3 million in total, comprised of $347.2 million, $694.4 million, $637.5 million, and $661.2 million, for the periods less than 1 year, 1-3 years, 3-5 years, and more than 5 years, respectively. As of June 30, 2022, the future payment obligations for interest on debt were $3,496.8 million in total, comprised of $359.5 million, $719.0 million, $711.0 million, and $1,707.3 million, for the periods less than 1 year, 1-3 years, 3-5 years, and more than 5 years, respectively.