Debt Obligations

3 Months Ended

Mar. 31, 2013

Debt Obligations [Abstract]

Debt Obligations

Note 8 — Debt Obligations

	March 31, 2013			December 31, 2012
Long-term debt:
Non-Partnership obligations:
TRC Senior secured revolving credit facility, variable rate, due October 2017 (1)	$	72.0		$	82.0
Obligations of the Partnership: (2)
Senior secured revolving credit facility, variable rate, due October 2017 (3)		565.0			620.0
Senior unsecured notes, 11¼% fixed rate, due July 2017		72.7			72.7
Unamortized discount		(2.4	)		(2.5	)
Senior unsecured notes, 7⅞% fixed rate, due October 2018		250.0			250.0
Senior unsecured notes, 6⅞% fixed rate, due February 2021		483.6			483.6
Unamortized discount		(29.9	)		(30.5	)
Senior unsecured notes, 6⅜% fixed rate, due August 2022		400.0			400.0
Senior unsecured notes, 5¼% fixed rate, due May 2023		600.0			600.0
Accounts receivable securitization facility, due January 2014 (4)		111.4			-
Total long-term debt	$	2,522.4		$	2,475.3
Irrevocable standby letters of credit:
Letters of credit outstanding under TRC Senior secured credit facility (1)	$	-		$	-
Letters of credit outstanding under the Partnership senior secured revolving credit facility (3)		53.2			45.3
	$	53.2		$	45.3

(1) As of March 31, 2013, $78.0 million of TRC's $150.0 million credit facility was available.

(2) While we consolidate the debt of the Partnership in our financial statements, we do not have the obligation to make interest payments or debt payments with respect to the debt of the Partnership.

(3) As of March 31, 2013, availability under the Partnership's $1.2 billion senior secured revolving credit facility was $581.8 million.

(4)  All amounts outstanding under the Partnership's Securitization Facility are reflected as long-term debt in our balance sheet to the extent that the Partnership has the ability and intent to fund the Securitization Facility's borrowing with availability under the Partnership's long-term Senior Secured Credit Facility (the "TRP Revolver").

The following table shows the range of interest rates and weighted average interest rate incurred on our and the Partnership's variable-rate debt obligations during the three months ended March 31, 2013:

	Range of Interest Rates Incurred			Weighted Average Interest Rate Incurred
TRC senior secured revolving credit facility		2.9% - 3.0	%		3.0	%
Partnership's senior secured revolving credit facility		1.9% - 4.5	%		2.2	%
Partnership's accounts receivable securitization facility		0.9	%		0.9	%

Compliance with Debt Covenants

As of March 31, 2013, both the Partnership and we were in compliance with the covenants contained in our various debt agreements.

Accounts Receivable Securitization Facility

In January 2013, the Partnership entered into the Securitization Facility to provide up to $200 million of borrowing capacity at commercial paper rates plus a margin through January 2014. Under this Securitization Facility, one of the Partnership's consolidated subsidiaries (Targa Liquids Marketing and Trade LLC or "TLMT") sells or contributes receivables, without recourse, to another of the Partnership's consolidated subsidiaries (Targa Receivables LLC or "TRLLC"), a special purpose consolidated subsidiary created for the sole purpose of this Securitization Facility. TRLLC, in turn, sells an undivided percentage ownership in the eligible receivables to a third-party financial institution. Eligible TRLLC receivables up to the amount of the outstanding debt under the Securitization Facility are not available to satisfy the claims of the creditors of TLMT or us. Any excess receivables are eligible to satisfy the claims of creditors of TLMT or us.