Debt Obligations

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Debt Obligations

Note 6 — Debt Obligations

	March 31, 2025			December 31, 2024
Current:
Partnership accounts receivable securitization facility, due August 2025 (1)	$	600.0		$	330.0
Finance lease liabilities		60.4			57.7
Current debt obligations		660.4			387.7
Long-term:
TRGP senior revolving credit facility, variable rate, due February 2030 (2)		920.0			1,130.5
Senior unsecured notes issued by TRGP:
5.200% fixed rate, due July 2027		750.0			750.0
6.150% fixed rate, due March 2029		1,000.0			1,000.0
4.200% fixed rate, due February 2033		750.0			750.0
6.125% fixed rate, due March 2033		900.0			900.0
6.500% fixed rate, due March 2034		1,000.0			1,000.0
5.500% fixed rate, due February 2035		1,000.0			1,000.0
5.550% fixed rate, due August 2035 (3)		1,000.0			—
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		850.0			850.0
6.125% fixed rate, due May 2055 (3)		1,000.0			—
Unamortized discount		(35.2	)		(29.4	)
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
		15,419.2			13,635.5
Debt issuance costs, net of amortization		(106.7	)		(89.0	)
Finance lease liabilities		235.8			240.4
Long-term debt		15,548.3			13,786.9
Total debt obligations	$	16,208.7		$	14,174.6
Irrevocable standby letters of credit: (2)
Letters of credit outstanding under the TRGP senior revolving credit facility	$	9.4		$	17.6

(1)As of March 31, 2025, the Partnership had $600.0 million of qualifying receivables under its $600.0 million accounts receivable securitization facility (the “Securitization Facility”), resulting in no remaining availability.

(2)In February 2025, we entered into a new $3.5 billion TRGP senior revolving credit facility (the “TRGP Revolver”), which matures in February 2030. In connection with our entry into the TRGP Revolver, we terminated our previous TRGP senior revolving credit facility (the “Previous TRGP Revolver”). 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 TRGP Revolver equal to the aggregate amount outstanding under the Commercial Paper Program at any one time not to exceed $3.5 billion, subject to final documentation requirements completed in April 2025. The TRGP Revolver had no borrowings outstanding and the Commercial Paper Program had $920.0 million borrowings outstanding, resulting in approximately $2.6 billion of available liquidity as of March 31, 2025, after accounting for outstanding letters of credit.

(3)In February 2025, we completed an underwritten public offering of (i) $1.0 billion aggregate principal amount of our 5.550% Senior Unsecured Notes due 2035 (the “5.550% Notes due 2035”) and (ii) $1.0 billion aggregate principal amount of our 6.125% Senior Unsecured Notes due 2055 (the “6.125% Notes due 2055”), resulting in net proceeds of approximately $2.0 billion.

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

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, 2025:

	Range of Interest Rates Incurred	Weighted Average Interest Rate Incurred
TRGP Revolver and Commercial Paper Program	4.7% - 4.8%	4.7%
Securitization Facility	5.2% - 5.3%	5.2%

Compliance with Debt Covenants

As of March 31, 2025, we were in compliance with the covenants contained in our various debt agreements.

TRGP Revolver

In February 2025, we entered into a Credit Agreement with Bank of America, N.A., as the Administrative Agent and Swing Line Lender, the letter of credit issuers party thereto and the other lenders party thereto. The TRGP Revolver provides for a revolving credit facility in an initial aggregate principal amount up to $3.5 billion (with an option to increase such maximum aggregate principal amount by up to $500.0 million in the future, subject to the terms of the TRGP Revolver) and a swing line sub-facility of up to $150.0 million. We recorded $8.9 million of debt issuance costs related to the TRGP Revolver in Other long-term assets on our Consolidated Balance Sheets. The TRGP Revolver matures on February 18, 2030. We will be able to extend the maturity date, subject to the required lenders’ consent, by one year up to two times. In connection with our entry into the TRGP Revolver, we terminated the Previous TRGP Revolver. As a result of the termination of the Previous TRGP Revolver, we recorded a loss due to debt extinguishment of $0.6 million.

Senior Unsecured Notes Issuance

In February 2025, we completed an underwritten public offering of the 5.550% Notes due 2035 and the 6.125% Notes due 2055 (collectively, the “February 2025 Senior Unsecured Notes”), resulting in net proceeds of approximately $2.0 billion. The February 2025 Senior Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by our subsidiaries that guarantee the TRGP Revolver, so long as such subsidiary guarantors satisfy certain conditions. The February 2025 Senior Unsecured Notes were issued pursuant to the Indenture, dated as of April 6, 2022, as supplemented by that certain Tenth Supplemental Indenture, dated as of February 27, 2025, among us, each subsidiary guarantor and U.S. Bank Trust Company, National Association, as trustee. In connection with the offering, we recorded debt issuance costs of $20.4 million and discount of $6.1 million as reductions to the carrying value of the February 2025 Senior Unsecured Notes in Long-term debt on our Consolidated Balance Sheets. We used the net proceeds from the debt issuance to fund the Badlands Transaction and the remaining net proceeds for general corporate purposes, including to repay borrowings under the Commercial Paper Program.