Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2024


	December 31, 2024			December 31, 2023
Current:
Partnership accounts receivable securitization facility, due August 2025 (1)	$	330.0		$	575.0
Finance lease liabilities		57.7			45.7
Current debt obligations		387.7			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)		1,130.5			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		(29.4	)		(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
		13,635.5			12,179.9
Debt issuance costs, net of amortization		(89.0	)		(90.8	)
Finance lease liabilities		240.4			244.1
Long-term debt		13,786.9			12,333.2
Total debt obligations	$	14,174.6		$	12,953.9
Irrevocable standby letters of credit: (3)
Letters of credit outstanding under the TRGP senior revolving credit facility	$	17.6		$	22.3

(1)

As of December 31, 2024, the Partnership had $330.0 million of qualifying receivables under its $600.0 million accounts receivable securitization facility (the “Securitization Facility”), resulting in $270.0 million of availability.

(2)

On May 21, 2024, we repaid the remaining balance and subsequently terminated the Term Loan Facility. As a result of the repayment, we recorded a loss due to debt extinguishment of $0.8 million.

(3)

We maintain the Commercial Paper Program, the borrowings of which are supported through maintaining a minimum available borrowing capacity under the New TRGP Revolver equal to the aggregate amount outstanding under the Commercial Paper Program. As of December 31, 2024, the Existing TRGP Revolver had no borrowings outstanding and the Commercial Paper Program had $1,130.5 million in borrowings outstanding, resulting in approximately $1,601.9 million 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 year ended December 31, 2024:


	Range of Interest Rates Incurred	Weighted Average Interest Rate Incurred
Existing TRGP Revolver and Commercial Paper Program	4.8% - 6.2%	5.7%
Securitization Facility	5.2% - 6.4%	6.1%
Term Loan Facility (1)	6.7% - 6.8%	6.7%

(1)

Interest rates were calculated through the redemption date of May 21, 2024.

Schedule of Contractual Maturities of Debt Obligations

The following table shows the contractually scheduled maturities of our debt obligations outstanding at December 31, 2024, for the next five years, and in total thereafter:


	Scheduled Maturities of Debt
	Total		2025		2026		2027		2028		2029		Thereafter

Existing TRGP Revolver and Commercial Paper Program	$	1,130.5	$	—	$	—	$	1,130.5	$	—	$	—	$	—
TRGP Senior unsecured notes		7,500.0		—		—		750.0		—		1,000.0		5,750.0
Partnership’s Senior unsecured notes		5,034.4		—		—		705.2		700.3		679.3		2,949.6
Securitization Facility		330.0		330.0		—		—		—		—		—
Total	$	13,994.9	$	330.0	$	—	$	2,585.7	$	700.3	$	1,679.3	$	8,699.6