Debt Obligations (Tables)

6 Months Ended

Jun. 30, 2025


	June 30, 2025			December 31, 2024
Current:
Partnership accounts receivable securitization facility, due August 2025 (1)	$	—		$	330.0
Senior unsecured notes issued by the Partnership: (2)
6.500% fixed rate, due July 2027 (3)		705.2			—
Debt issuance costs, net of amortization (3)		(1.9	)		—
Finance lease liabilities		64.9			57.7
Current debt obligations		768.2			387.7

Long-term:
TRGP senior revolving credit facility, variable rate, due February 2030 (4)		667.0			1,130.5
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
4.900% fixed rate, due September 2030 (3)		750.0			—
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			1,000.0
5.550% fixed rate, due August 2035 (5)		1,000.0			—
5.650% fixed rate, due February 2036 (3)		750.0			—
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
6.125% fixed rate, due May 2055 (5)		1,000.0			—
Unamortized discount		(38.0	)		(29.4	)
Senior unsecured notes issued by the Partnership: (2)
6.500% fixed rate, due July 2027 (3)		—			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
		15,958.2			13,635.5
Debt issuance costs, net of amortization		(115.5	)		(89.0	)
Finance lease liabilities		239.6			240.4
Long-term debt		16,082.3			13,786.9
Total debt obligations	$	16,850.5		$	14,174.6
Irrevocable standby letters of credit: (4)
Letters of credit outstanding under the TRGP senior revolving credit facility	$	9.4		$	17.6

(1)

As of June 30, 2025, the Partnership had no amount drawn under its $600.0 million accounts receivable securitization facility (the “Securitization Facility”), resulting in $600.0 million of remaining availability. In July 2025, the Partnership amended the Securitization Facility to, among other things, extend the facility termination date to August 31, 2026.

(2)

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

(3)

In June 2025, we completed an underwritten public offering of (i) $750.0 million aggregate principal amount of our 4.900% Senior Unsecured Notes due 2030 and (ii) $750.0 million aggregate principal amount of our 5.650% Senior Unsecured Notes due 2036, resulting in net proceeds of approximately $1.5 billion. The net proceeds were initially used to reduce borrowings under the Securitization Facility and Commercial Paper Program as reflected on the balance sheet as of June 30, 2025. A conditional notice of redemption of all of the Partnership’s 6.500% Senior Unsecured Notes due 2027 was issued in June 2025, resulting in the classification of the notes within Current debt obligations on our Consolidated Balance Sheets as of June 30, 2025. In July 2025, we used borrowings under the Securitization Facility and Commercial Paper Program to fund the redemption of all of the Partnership’s 6.500% Senior Unsecured Notes due 2027.

(4)

In February 2025, we entered into a new $3.5 billion TRGP senior revolving credit facility (the “TRGP Revolver”), which matures in February 2030. In connection with our entry into the TRGP Revolver, we terminated our previous TRGP senior revolving credit facility (the “Previous TRGP Revolver”). 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 the TRGP Revolver equal to the aggregate amount outstanding under the Commercial Paper Program at any one time not to exceed $3.5 billion. The TRGP Revolver had no borrowings outstanding and the Commercial Paper Program had $667.0 million of borrowings outstanding, resulting in approximately $2.8 billion of available liquidity as of June 30, 2025, after accounting for outstanding letters of credit.

(5)

In February 2025, we completed an underwritten public offering of (i) $1.0 billion aggregate principal amount of our 5.550% Senior Unsecured Notes due 2035 and (ii) $1.0 billion aggregate principal amount of our 6.125% Senior Unsecured Notes due 2055, resulting in net proceeds of approximately $2.0 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, 2025:


	Range of Interest Rates Incurred	Weighted Average Interest Rate Incurred
TRGP Revolver and Commercial Paper Program	4.6% - 4.8%	4.7%
Securitization Facility	5.2% - 5.3%	5.2%