Debt Obligations (Tables)

9 Months Ended

Sep. 30, 2024


	September 30, 2024			December 31, 2023
Current:
Partnership accounts receivable securitization facility, due August 2025 (1)	$	600.0		$	575.0
Finance lease liabilities		53.3			45.7
Current debt obligations		653.3			620.7

Long-term:
Term loan facility, variable rate, due July 2025 (2)		—			500.0
TRGP senior revolving credit facility, variable rate, due February 2027 (3)		951.0			175.0
Senior unsecured notes issued by TRGP:
5.200% fixed rate, due July 2027		750.0			750.0
6.150% fixed rate, due March 2029		1,000.0			1,000.0
4.200% fixed rate, due February 2033		750.0			750.0
6.125% fixed rate, due March 2033		900.0			900.0
6.500% fixed rate, due March 2034		1,000.0			1,000.0
5.500% fixed rate, due February 2035		1,000.0			—
4.950% fixed rate, due April 2052		750.0			750.0
6.250% fixed rate, due July 2052		500.0			500.0
6.500% fixed rate, due February 2053		850.0			850.0
Unamortized discount		(29.7	)		(29.5	)
Senior unsecured notes issued by the Partnership: (4)
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
		13,455.7			12,179.9
Debt issuance costs, net of amortization		(91.6	)		(90.8	)
Finance lease liabilities		237.3			244.1
Long-term debt		13,601.4			12,333.2
Total debt obligations	$	14,254.7		$	12,953.9
Irrevocable standby letters of credit: (3)
Letters of credit outstanding under the TRGP senior revolving credit facility	$	15.5		$	22.3

(1)

In August 2024, the Partnership amended its $600.0 million accounts receivable securitization facility (the “Securitization Facility”) to extend the termination date of the Securitization Facility to August 29, 2025. As of September 30, 2024, the Partnership had $600.0 million of qualifying receivables under the Securitization Facility, resulting in no availability.

(2)

On May 21, 2024, we repaid the remaining balance and subsequently terminated the $1.5 billion unsecured term loan facility due July 2025 (“Term Loan Facility”). As a result of the repayment, we recorded a loss due to debt extinguishment of $0.8 million.

(3)

We maintain an unsecured commercial paper note program (the “Commercial Paper Program”), the borrowings of which are supported through maintaining a minimum available borrowing capacity under our $2.75 billion TRGP senior revolving credit facility (the “TRGP Revolver”) equal to the aggregate amount outstanding under the Commercial Paper Program. As of September 30, 2024, the TRGP Revolver had no borrowings outstanding and the Commercial Paper Program had $951.0 million borrowings outstanding, resulting in approximately $1.8 billion of available liquidity, after accounting for outstanding letters of credit.

(4)

We guarantee all of the Partnership’s outstanding senior unsecured notes.

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 nine months ended September 30, 2024:


	Range of Interest Rates Incurred	Weighted Average Interest Rate Incurred
TRGP Revolver and Commercial Paper Program	5.4% - 6.2%	6.0%
Securitization Facility	5.7% - 6.4%	6.2%
Term Loan Facility	6.7% - 6.8%	6.7%