Debt Obligations (Tables)

6 Months Ended

Jun. 30, 2021

	June 30, 2021			December 31, 2020
Current:
Obligations of the Partnership: (1)
Accounts receivable securitization facility, due April 2022 (2)	$	360.0		$	350.0
TPL notes, 4¾% fixed rate, due November 2021 (3)		—			6.5
		360.0			356.5
Finance lease liabilities		11.7			12.1
Current debt obligations		371.7			368.6

Long-term:
TRC obligations:
TRC Senior secured revolving credit facility, variable rate, due June 2023 (4)		—			555.0
Obligations of the Partnership: (1)
Senior secured revolving credit facility, variable rate, due June 2023 (5)		170.0			280.0
Senior unsecured notes:
4¼% fixed rate, due November 2023 (6)		—			583.9
5⅛% fixed rate, due February 2025		—			481.0
5⅞% fixed rate, due April 2026		963.2			963.2
5⅜% fixed rate, due February 2027		468.1			468.1
6½% fixed rate, due July 2027		705.2			705.2
5% fixed rate, due January 2028		700.3			700.3
6⅞% fixed rate, due January 2029		679.3			679.3
5½% fixed rate, due March 2030		949.6			949.6
4⅞% fixed rate, due February 2031		1,000.0			1,000.0
4% fixed rate, due January 2032		1,000.0			—
TPL notes, 5⅞% fixed rate, due August 2023 (3)		—			48.1
Unamortized premium		—			0.2
		6,635.7			7,413.9
Debt issuance costs, net of amortization		(47.6	)		(45.5	)
Finance lease liabilities		15.7			18.7
Long-term debt		6,603.8			7,387.1
Total debt obligations	$	6,975.5		$	7,755.7
Irrevocable standby letters of credit:
Letters of credit outstanding under the TRC Senior secured credit facility (4)	$	—		$	—
Letters of credit outstanding under the Partnership senior secured revolving credit facility (5)		48.8			44.4
	$	48.8		$	44.4

(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, 2021, the Partnership had $360.0 million of qualifying receivables under its $400.0 million accounts receivable securitization facility (“Securitization Facility”), resulting in $40.0 million availability. During the second quarter of 2021, the Partnership amended the Securitization Facility to increase the facility size from $350.0 million to $400.0 million to more closely align with our expectation for borrowing needs given current commodity prices and to extend the facility termination date to April 21, 2022.

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

(4)	As of June 30, 2021, availability under TRC’s $670.0 million senior secured revolving credit facility (“TRC Revolver”) was $670.0 million.

(5)	As of June 30, 2021, availability under the Partnership’s $2.2 billion senior secured revolving credit facility (“TRP Revolver”) was $1,981.2 million.

(6)	On May 17, 2021, the Partnership redeemed all of the remaining outstanding 4¼% Senior Notes due 2023.

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, 2021:

	Range of Interest Rates Incurred	Weighted Average Interest Rate Incurred
TRC Revolver	1.9% - 1.9%	1.9%
TRP Revolver	1.8% - 1.9%	1.9%
Partnership's Securitization Facility	1.1% - 1.8%	1.5%

Summary of Payment Obligations for Debt Instruments

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


	Payments Due By Period
			Less Than						More Than
	Total		1 Year		1-3 Years		3-5 Years		5 Years

Long-term debt obligations (1)	$	6,635.7	$	—	$	170.0	$	963.2	$	5,502.5
Interest on debt obligations (2)		2,645.5		363.5		713.8		688.8		879.4
	$	9,281.2	$	363.5	$	883.8	$	1,652.0	$	6,381.9

(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, 2021 rates for floating debt.