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Debt Obligations (Tables)
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt

 

 

 

June 30, 2020

 

 

December 31, 2019

 

Current:

 

 

 

 

 

 

 

 

Obligations of the Partnership: (1)

 

 

 

 

 

 

 

 

Accounts receivable securitization facility, due April 2021 (2)

 

$

250.0

 

 

$

370.0

 

Finance lease liabilities

 

 

11.9

 

 

 

12.2

 

Current debt obligations

 

 

261.9

 

 

 

382.2

 

 

 

 

 

 

 

 

 

 

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)

 

 

440.0

 

 

 

—

 

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

 

 

481.0

 

 

 

500.0

 

5⅞% fixed rate, due April 2026

 

 

963.2

 

 

 

1,000.0

 

5⅜% fixed rate, due February 2027

 

 

468.1

 

 

 

500.0

 

6½% fixed rate, due July 2027

 

 

705.2

 

 

 

750.0

 

5% fixed rate, due January 2028

 

 

700.3

 

 

 

750.0

 

6⅞% fixed rate, due January 2029

 

 

679.3

 

 

 

750.0

 

5½% fixed rate, due March 2030

 

 

949.6

 

 

 

1,000.0

 

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

 

 

0.2

 

 

 

0.3

 

 

 

 

7,600.1

 

 

 

7,463.5

 

Debt issuance costs, net of amortization

 

 

(43.7

)

 

 

(49.1

)

Finance lease liabilities

 

 

23.2

 

 

 

25.8

 

Long-term debt

 

 

7,579.6

 

 

 

7,440.2

 

Total debt obligations

 

$

7,841.5

 

 

$

7,822.4

 

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)

 

 

56.8

 

 

 

88.2

 

 

 

$

56.8

 

 

$

88.2

 

 

(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 June 30, 2020, the Partnership had $250.0 million of qualifying receivables under its $250.0 million accounts receivable securitization facility (“Securitization Facility”), resulting in zero availability. During the second quarter of 2020, the Partnership amended the Securitization Facility to decrease the facility size from $400.0 million to $250.0 million to more closely align with our expectations for borrowing needs given commodity prices and to extend the facility termination date to April 21, 2021.

(3)

As of June 30, 2020, availability under TRC’s $670.0 million senior secured revolving credit facility (“TRC Revolver”) was $235.0 million.

(4)

As of June 30, 2020, availability under the Partnership’s $2.2 billion senior secured revolving credit facility (“TRP Revolver”) was $1,703.2 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 six months ended June 30, 2020:

 

 

Range of Interest Rates Incurred

 

Weighted Average Interest Rate Incurred

 

TRC Revolver

 

1.9% - 3.5%

 

2.8%

 

TRP Revolver

 

1.9% - 6.0%

 

2.5%

 

Partnership's Securitization Facility

 

1.5% - 2.7%

 

2.1%

 

 
Summary of Debt Repurchased Portion of Outstanding Senior Notes on the Open Market

During the six months ended June 30, 2020, the Partnership repurchased a portion of its outstanding senior notes on the open market as follows:

 

Debt Repurchased

 

Book Value

 

 

Payment

 

 

Gain

 

 

Write-off of Debt Issuance Costs

 

 

Net Gain

 

5⅛% Senior Notes due 2025

 

$

19.0

 

 

$

(14.6

)

 

$

4.4

 

 

$

(0.1

)

 

$

4.3

 

5⅞% Senior Notes due 2026

 

 

36.8

 

 

 

(29.7

)

 

 

7.1

 

 

 

(0.2

)

 

 

6.9

 

5⅜% Senior Notes due 2027

 

 

31.9

 

 

 

(26.6

)

 

 

5.3

 

 

 

(0.2

)

 

 

5.1

 

6½% Senior Notes due 2027

 

 

44.8

 

 

 

(35.5

)

 

 

9.3

 

 

 

(0.4

)

 

 

8.9

 

5% Senior Notes due 2028

 

 

49.7

 

 

 

(38.0

)

 

 

11.7

 

 

 

(0.4

)

 

 

11.3

 

6⅞% Senior Notes due 2029

 

 

70.7

 

 

 

(55.2

)

 

 

15.5

 

 

 

(0.6

)

 

 

14.9

 

5½% Senior Notes due 2030

 

 

50.4

 

 

 

(40.2

)

 

 

10.2

 

 

 

(0.5

)

 

 

9.7

 

 

 

$

303.3

 

 

$

(239.8

)

 

$

63.5

 

 

$

(2.4

)

 

$

61.1

 
Summary of Payment Obligations for Debt Instruments

The following table summarizes payment obligations for debt instruments after giving effect to the debt repurchases detailed above:

 

 

 

Payments Due By Period

 

 

 

 

 

 

 

Less Than

 

 

 

 

 

 

 

 

More Than

 

 

 

Total

1 Year

1-3 Years

3-5 Years

5 Years

 

 

 

(in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt obligations (1)

 

$

7,599.9

 

 

$

-

 

 

$

1,441.1

 

 

$

1,693.1

 

 

$

4,465.7

 

Interest on debt obligations (2)

 

 

2,503.2

 

 

 

407.2

 

 

 

811.4

 

 

 

600.7

 

 

 

683.9

 

 

 

$

10,103.1

 

 

$

407.2

 

 

$

2,252.5

 

 

$

2,293.8

 

 

$

5,149.6

 

 

 

(1)

Represents scheduled future maturities of consolidated debt obligations for the periods indicated.

 

(2)

 

Represents interest expense on debt obligations based on both fixed debt interest rates and prevailing June 30, 2020 rates for floating debt.