Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2025


	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.

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, 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%