Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2022

	March 31, 2022			December 31, 2021
Current:
Partnership accounts receivable securitization facility, due April 2022 (1)	$	270.0		$	150.0
Finance lease liabilities		13.8			12.8
Current debt obligations		283.8			162.8

Long-term:
TRGP senior revolving credit facility, variable rate, due February 2027 (2)		995.0			—
Senior unsecured notes issued by the Partnership: (3)
5.875% fixed rate, due April 2026 (4)		963.2			963.2
5.375% fixed rate, due February 2027 (5)		—			468.1
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
		6,992.6			6,465.7
Debt issuance costs, net of amortization		(41.3	)		(45.0	)
Finance lease liabilities		13.6			13.7
Long-term debt (6)		6,964.9			6,434.4
Total debt obligations	$	7,248.7		$	6,597.2
Irrevocable standby letters of credit:
Letters of credit outstanding under the TRGP senior revolving credit facility (3)	$	58.7		$	—
Letters of credit outstanding under the Partnership senior secured revolving credit facility (3)		—			71.3
	$	58.7		$	71.3

(1)

As of March 31, 2022, the Partnership had $270.0 million of qualifying receivables under its $400.0 million accounts receivable securitization facility (“Securitization Facility”), resulting in $130.0 million of availability. In April 2022, the Partnership amended the Securitization Facility to, among other things, extend the facility termination date to April 19, 2023.

(2)

In February 2022, we entered into a new $2.75 billion TRGP senior revolving credit facility, (the “TRGP Revolver”) which matures in February 2027. In connection with our entry into the TRGP Revolver, we terminated our previous TRGP senior secured revolving credit facility (the “Previous TRGP Revolver”) and the Partnership’s senior secured revolving credit facility (the “Partnership Revolver”). As of March 31, 2022, availability under the TRGP Revolver was $1.7 billion. As of December 31, 2021, we had no balance outstanding under the Previous TRGP Revolver or the Partnership Revolver.

(3)	As of February 2022, we guarantee all of the Partnership’s outstanding senior unsecured notes.

(4)

In April 2022, the Partnership purchased $484.3 million aggregate principal amount of its outstanding 5.875% Senior Notes due 2026 (the “5.875% Notes”) pursuant to an offer to purchase for cash (the “Tender Offer”) any and all outstanding 5.875% Notes. Concurrent with the launch of the Tender Offer, the Partnership exercised its right to redeem any of the 5.875% Notes not validly tendered and purchased in the Tender Offer, and such 5.875% Notes were redeemed in April 2022.

(5)	In March 2022, the Partnership redeemed all of the outstanding 5.375% Senior Notes due 2027 (the “5.375% Notes”) with the available liquidity under the TRGP Revolver.

(6)

In April 2022, we, along with certain of our subsidiaries as guarantors thereto, completed an underwritten public offering of (i) $750.0 million aggregate principal amount of our 4.200% Senior Notes due 2033 (the “4.200% Notes”) and (ii) $750.0 million aggregate principal amount of our 4.950% Senior Notes due 2052 (the “4.950% Notes”), resulting in net proceeds of approximately $1.5 billion.

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, 2022:

	Range of Interest Rates Incurred	Weighted Average Interest Rate Incurred
TRGP Revolver	1.5% - 1.8%	1.6%
Securitization Facility	1.1% - 1.2%	1.2%

Summary of Payment Obligations for Debt Instruments

The following table summarizes payment obligations as of March 31, 2022, 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)	$	6,992.6	$	—	$	—	$	1,958.2	$	5,034.4
Interest on debt obligations (2)		2,232.6		325.1		650.3		596.0		661.2
	$	9,225.2	$	325.1	$	650.3	$	2,554.2	$	5,695.6

(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 March 31, 2022 rates for floating debt.