Debt Obligations (Tables)

6 Months Ended

Jun. 30, 2022

	June 30, 2022			December 31, 2021
Current:
Partnership accounts receivable securitization facility, due April 2023 (1)	$	400.0		$	150.0
Finance lease liabilities		14.6			12.8
Current debt obligations		414.6			162.8

Long-term:
TRGP senior revolving credit facility, variable rate, due February 2027 (2)		550.0			—
Senior unsecured notes issued by TRGP:
4.200% fixed rate, due February 2033		750.0			—
Unamortized discount		(1.4	)		—
4.950% fixed rate, due April 2052		750.0			—
Unamortized discount		(5.0	)		—
Senior unsecured notes issued by the Partnership: (3)
5.875% fixed rate, due April 2026 (4)		—			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
		7,078.0			6,465.7
Debt issuance costs, net of amortization		(51.4	)		(45.0	)
Finance lease liabilities		19.6			13.7
Long-term debt (6)		7,046.2			6,434.4
Total debt obligations	$	7,460.8		$	6,597.2
Irrevocable standby letters of credit: (2)
Letters of credit outstanding under the TRGP senior revolving credit facility	$	44.8		$	—
Letters of credit outstanding under the Partnership senior secured revolving credit facility		—			71.3
	$	44.8		$	71.3

(1)	As of June 30, 2022, the Partnership had $400.0 million of qualifying receivables under its $400.0 million accounts receivable securitization facility (“Securitization Facility”), resulting in zero availability.

(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 June 30, 2022, availability under the TRGP Revolver was $2.2 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 redeemed all of the outstanding 5.875% Senior Notes due 2026 (the “5.875% Notes”).

(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 July 2022, we completed an underwritten public offering of (i) $750.0 million aggregate principal amount of our 5.200% Senior Notes due 2027 (the “5.200% Notes”) and (ii) $500.0 million aggregate principal amount of our 6.250% Senior Notes due 2052 (the “6.250% Notes”), resulting in net proceeds of approximately $1.2 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 six months ended June 30, 2022:

	Range of Interest Rates Incurred	Weighted Average Interest Rate Incurred
TRGP Revolver	1.5% - 3.1%	2.1%
Securitization Facility	1.1% - 1.7%	1.4%

Summary of Payment Obligations for Debt Instruments

The following table summarizes payment obligations as of June 30, 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)	$	7,084.4	$	—	$	—	$	550.0	$	6,534.4
Interest on debt obligations (2)		1,936.8		268.5		537.1		537.1		594.1
	$	9,021.2	$	268.5	$	537.1	$	1,087.1	$	7,128.5

(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, 2022 rates for floating debt.