Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2023


	March 31, 2023			December 31, 2022
Current:
Partnership accounts receivable securitization facility, due September 2023 (1)	$	704.0		$	800.0
Finance lease liabilities		35.0			34.3
Current debt obligations		739.0			834.3

Long-term:
Term loan facility, variable rate, due July 2025		1,500.0			1,500.0
TRGP senior revolving credit facility, variable rate, due February 2027 (2)		305.0			1,298.7
Senior unsecured notes issued by TRGP:
5.200% fixed rate, due July 2027		750.0			750.0
4.200% fixed rate, due February 2033		750.0			750.0
6.125% fixed rate, due March 2033 (3)		900.0			—
4.950% fixed rate, due April 2052		750.0			750.0
6.250% fixed rate, due July 2052		500.0			500.0
6.500% fixed rate, due February 2053 (3)		850.0			—
Unamortized discount		(41.0	)		(8.4	)
Senior unsecured notes issued by the Partnership: (4)
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
		11,298.4			10,574.7
Debt issuance costs, net of amortization		(67.7	)		(65.6	)
Finance lease liabilities		208.9			193.0
Long-term debt		11,439.6			10,702.1
Total debt obligations	$	12,178.6		$	11,536.4
Irrevocable standby letters of credit: (2)
Letters of credit outstanding under the TRGP senior revolving credit facility	$	33.2		$	33.2
	$	33.2		$	33.2

(1)

The Partnership's accounts receivable securitization facility (the “Securitization Facility”) provides up to $800 million of borrowing capacity. As of March 31, 2023, the Partnership had $704.0 million of qualifying receivables.

(2)

We maintain 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 $2.75 billion TRGP senior revolving credit facility (the “TRGP Revolver”) equal to the aggregate amount outstanding under the Commercial Paper Program. As of March 31, 2023, the TRGP Revolver had no borrowings outstanding and the Commercial Paper Program had $305.0 million borrowings outstanding, resulting in approximately $2.4 billion of available liquidity, after accounting for outstanding letters of credit.

(3)

In January 2023, we completed an underwritten public offering of (i) $900.0 million aggregate principal amount of our 6.125% Senior Notes due 2033 (the “6.125% Notes”) and (ii) $850.0 million aggregate principal amount of our 6.500% Senior Notes due 2053 (the “6.500% Notes”), resulting in net proceeds of approximately $1.7 billion.

(4)

We guarantee all of the Partnership’s outstanding senior unsecured notes.

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 three months ended March 31, 2023:


	Range of Interest Rates Incurred	Weighted Average Interest Rate Incurred
TRGP Revolver and Commercial Paper Program	5.2% - 5.9%	5.4%
Securitization Facility	5.2% - 5.4%	5.3%
Term Loan Facility	5.8% - 6.3%	6.0%