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Debt Obligations (Tables)
6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt

 

 

June 30, 2024

 

 

December 31, 2023

 

Current:

 

 

 

 

 

 

Partnership accounts receivable securitization facility, due August 2024 (1)

 

$

550.0

 

 

$

575.0

 

Finance lease liabilities

 

 

51.2

 

 

 

45.7

 

Current debt obligations

 

 

601.2

 

 

 

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)

 

 

1,303.0

 

 

 

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

 

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

 

 

(29.5

)

 

 

(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

 

 

 

12,807.9

 

 

 

12,179.9

 

Debt issuance costs, net of amortization

 

 

(84.6

)

 

 

(90.8

)

Finance lease liabilities

 

 

242.5

 

 

 

244.1

 

Long-term debt

 

 

12,965.8

 

 

 

12,333.2

 

Total debt obligations

 

$

13,567.0

 

 

$

12,953.9

 

Irrevocable standby letters of credit: (3)

 

 

 

 

 

 

Letters of credit outstanding under the TRGP senior revolving credit facility

 

$

26.0

 

 

$

22.3

 

(1)
As of June 30, 2024, the Partnership had $550.0 million of qualifying receivables under its $600.0 million accounts receivable securitization facility (the “Securitization Facility”), resulting in $50.0 million of 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. 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 June 30, 2024, the TRGP Revolver had no borrowings outstanding and the Commercial Paper Program had $1.3 billion borrowings outstanding, resulting in approximately $1.4 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 six months ended June 30, 2024:

 

 

 

Range of Interest Rates Incurred

 

Weighted Average Interest Rate Incurred

TRGP Revolver and Commercial Paper Program

 

5.9% - 6.2%

 

6.0%

Securitization Facility

 

6.3% - 6.4%

 

6.3%

Term Loan Facility

 

6.7% - 6.8%

 

6.7%