v3.26.1
Debt Obligations
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Obligations

Note 7 — Debt Obligations

 

 

March 31, 2026

 

 

December 31, 2025

 

Current:

 

 

 

 

 

 

Partnership accounts receivable securitization facility, due August 2026 (1)

 

$

600.0

 

 

$

—

 

Senior unsecured notes issued by the Partnership: (2)

 

 

 

 

 

 

6.875% fixed rate, due January 2029 (3)

 

 

—

 

 

 

679.3

 

Debt issuance costs, net of amortization (3)

 

 

—

 

 

 

(2.3

)

Finance lease liabilities

 

 

96.9

 

 

 

93.1

 

Current debt obligations

 

 

696.9

 

 

 

770.1

 

 

 

 

 

 

 

Long-term:

 

 

 

 

 

 

TRGP senior revolving credit facility, variable rate, due February 2030 (4)

 

 

457.0

 

 

 

161.0

 

Senior unsecured notes issued by TRGP:

 

 

 

 

 

 

5.200% fixed rate, due July 2027

 

 

750.0

 

 

 

750.0

 

4.350% fixed rate, due January 2029

 

 

750.0

 

 

 

750.0

 

6.150% fixed rate, due March 2029

 

 

1,000.0

 

 

 

1,000.0

 

4.900% fixed rate, due September 2030

 

 

750.0

 

 

 

750.0

 

4.350% fixed rate, due April 2031 (5)

 

 

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

 

 

1,000.0

 

 

 

1,000.0

 

5.650% fixed rate, due February 2036

 

 

750.0

 

 

 

750.0

 

5.400% fixed rate, due July 2036

 

 

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

 

6.125% fixed rate, due May 2055

 

 

1,000.0

 

 

 

1,000.0

 

6.050% fixed rate, due May 2056 (5)

 

 

750.0

 

 

 

—

 

Unamortized discount

 

 

(39.4

)

 

 

(38.3

)

 Senior unsecured notes issued by the Partnership: (2)

 

 

 

 

 

 

5.000% fixed rate, due January 2028

 

 

700.3

 

 

 

700.3

 

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

 

 

 

18,317.5

 

 

 

16,522.6

 

Debt issuance costs, net of amortization

 

 

(132.2

)

 

 

(120.6

)

Finance lease liabilities

 

 

249.6

 

 

 

260.4

 

Long-term debt

 

 

18,434.9

 

 

 

16,662.4

 

Total debt obligations

 

$

19,131.8

 

 

$

17,432.5

 

Irrevocable standby letters of credit: (4)

 

 

 

 

 

 

Letters of credit outstanding under the TRGP senior revolving credit facility

 

$

17.9

 

 

$

20.0

 

(1)
As of March 31, 2026, the Partnership had $600.0 million of qualifying receivables under its $600.0 million accounts receivable securitization facility (the “Securitization Facility”), resulting in no remaining availability.
(2)
We guarantee all of the Partnership’s outstanding senior unsecured notes.
(3)
On January 15, 2026, we used borrowings under the Commercial Paper Program and available cash to fund the redemption of all of the Partnership’s 6.875% Senior Unsecured Notes due 2029.
(4)
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 $3.5 billion TRGP senior revolving credit facility (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 approximately $0.5 billion of borrowings outstanding, resulting in approximately $3.0 billion of availability under the TRGP Revolver as of March 31, 2026, after accounting for outstanding letters of credit.
(5)
In March 2026, we completed an underwritten public offering of (i) $750.0 million aggregate principal amount of our 4.350% Senior Unsecured Notes due 2031 and (ii) $750.0 million aggregate principal amount of our 6.050% Senior Unsecured Notes due 2056, resulting in net proceeds of approximately $1,483.2 million. We used a portion of the net proceeds to reduce borrowings under the Commercial Paper Program.

 

The following table shows the range of interest rates and weighted average interest rate incurred on our variable-rate debt obligations during the three months ended March 31, 2026:

 

 

 

Range of Interest Rates Incurred

 

Weighted Average Interest Rate Incurred

TRGP Revolver and Commercial Paper Program

 

3.9% - 4.0%

 

3.9%

Securitization Facility

 

4.4% - 4.5%

 

4.5%

 

Compliance with Debt Covenants

 

As of March 31, 2026, we were in compliance with the covenants contained in our various debt agreements.

 

Senior Unsecured Notes Issuance

 

In March 2026, we completed an underwritten public offering of (i) $750.0 million aggregate principal amount of our 4.350% Senior Unsecured Notes due 2031 (the “4.350% Notes due 2031”) and (ii) $750.0 million aggregate principal amount of our 6.050% Senior Unsecured Notes due 2056 (the “6.050% Notes due 2056”) (collectively, the “March 2026 Senior Unsecured Notes”), resulting in net proceeds of approximately $1,483.2 million. The March 2026 Senior Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by our subsidiaries that guarantee the TRGP Revolver, so long as such subsidiary guarantors satisfy certain conditions. The March 2026 Senior Unsecured Notes were issued pursuant to the Indenture, dated as of April 6, 2022, as supplemented by that certain Thirteenth Supplemental Indenture, dated as of March 2, 2026, among us, each subsidiary guarantor and U.S. Bank Trust Company, National Association, as trustee. In connection with the offering, we recorded debt issuance costs of $15.2 million and discount of $1.6 million as reductions to the carrying value of the March 2026 Senior Unsecured Notes in Long-term debt on our Consolidated Balance Sheets. We used the net proceeds from the debt issuance for general corporate purposes, including to reduce borrowings under the Commercial Paper Program.

Debt Repurchases & Extinguishments

 

In January 2026, we completed the redemption of all of the $679.3 million aggregate principal amount of the Partnership’s 6.875% Senior Unsecured Notes due 2029 for a total cash payment of $687.1 million inclusive of redemption premium. We recognized a debt extinguishment loss of $10.1 million, comprised of $7.8 million related to the redemption premium paid and $2.3 million from the write-off of debt issuance costs.