Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2019

	March 31, 2019			December 31, 2018
Current:
Obligations of the Partnership: (1)
Accounts receivable securitization facility, due December 2019 (2)	$	307.6		$	280.0
Senior unsecured notes, 4⅛% fixed rate, due November 2019		—			749.4
		307.6			1,029.4
Debt issuance costs, net of amortization		—			(1.5	)
Finance lease liabilities		10.5			—
Current debt obligations		318.1			1,027.9

Long-term:
TRC obligations:
TRC Senior secured revolving credit facility, variable rate, due June 2023 (3)		435.0			435.0
Obligations of the Partnership: (1)
Senior secured revolving credit facility, variable rate, due June 2023 (4)		670.0			700.0
Senior unsecured notes:
5¼% fixed rate, due May 2023		559.6			559.6
4¼% fixed rate, due November 2023		583.9			583.9
6¾% fixed rate, due March 2024		580.1			580.1
5⅛% fixed rate, due February 2025		500.0			500.0
5⅞% fixed rate, due April 2026		1,000.0			1,000.0
5⅜% fixed rate, due February 2027		500.0			500.0
6½% fixed rate, due July 2027		750.0			—
5% fixed rate, due January 2028		750.0			750.0
6⅞% fixed rate, due January 2029		750.0			—
TPL notes, 4¾% fixed rate, due November 2021 (5)		6.5			6.5
TPL notes, 5⅞% fixed rate, due August 2023 (5)		48.1			48.1
Unamortized premium		0.3			0.3
		7,133.5			5,663.5
Debt issuance costs, net of amortization		(42.7	)		(31.1	)
Finance lease liabilities		27.7			—
Long-term debt		7,118.5			5,632.4
Total debt obligations	$	7,436.6		$	6,660.3
Irrevocable standby letters of credit:
Letters of credit outstanding under the TRC Senior secured credit facility (3)	$	—		$	—
Letters of credit outstanding under the Partnership senior secured revolving credit facility (4)		69.8			79.5
	$	69.8		$	79.5

(1)	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.

(2)	As of March 31, 2019, the Partnership had $337.6 million of qualifying receivables under its $400.0 million accounts receivable securitization facility, resulting in availability of $30.0 million.

(3)	As of March 31, 2019, availability under TRC’s $670.0 million senior secured revolving credit facility (“TRC Revolver”) was $235.0 million.

(4)	As of March 31, 2019, availability under the Partnership’s $2.2 billion senior secured revolving credit facility (“TRP Revolver”) was $1,460.2 million.

(5)	“TPL” refers to Targa Pipeline Partners LP.

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 variable-rate debt obligations during the three months ended March 31, 2019:

	Range of Interest Rates Incurred	Weighted Average Interest Rate Incurred
TRC Revolver	4.2% - 4.3%	4.3%
TRP Revolver	3.8% - 4.3%	4.1%
Partnership's accounts receivable securitization facility	3.4%	3.4%