On July 16, 2013, the Partnership announced a cash distribution for the second quarter 2013 of $0.7150 per common unit, or $2.86 per unit on an annualized basis, representing an increase of approximately 3% over the first quarter 2013 and 11% over the distribution for the second quarter 2012. The cash distribution will be paid on August 14, 2013 on all outstanding common units to holders of record as of the close of business on July 29, 2013. The total distribution paid will be $102.4 million, with $66.5 million to the Partnership's third-party limited partners and $35.9 million to TRC for its ownership of common units, incentive distribution rights ("IDRs") and its 2% general partner interest in the Partnership.
Targa Resources Partners - Capitalization, Liquidity and Financing Update
Total funded debt at the Partnership as of June 30, 2013 was $2,650.0 million including $225.0 million outstanding under the Partnership's $1.2 billion senior secured revolving credit facility, $72.7 million of 11¼% senior unsecured notes due 2017, $250.0 million of 7⅞% senior unsecured notes due 2018, $483.6 million of 6⅞% senior unsecured notes due 2021, $300.0 million of 6⅜% senior unsecured notes due 2022, $600.0 million of 5¼% senior unsecured notes due 2023, $625 million of 4¼% senior unsecured notes due 2023, $125.3 million outstanding under our accounts receivable securitization facility due 2014 and $31.6 million of unamortized discounts.
As of June 30, 2013, after giving effect to $47.9 million in outstanding letters of credit, the Partnership had available revolver capacity of $927.1 million and $72.7 million of cash, resulting in total liquidity of $999.8 million.In May 2013, the Partnership privately placed $625 million of 4¼% senior unsecured notes due 2023. Proceeds were used to reduce borrowings under the Partnership's senior secured revolving credit facility and for general partnership purposes.