The Partnership expects net maintenance capital expenditures to be approximately $90 million in 2014.
Targa Resources Corp. – Financial Outlook Update
Given the Partnership's expected distribution growth of 7% to 9% in 2014, TRC expects to be in a position to increase dividends in excess of 25% compared to 2013, subject to the approval of the board of directors of TRC. For 2014, the estimated financial performance of the Partnership is expected to result in cash taxes for TRC equal to approximately 27% of its estimated pre-tax distributable cash flow. TRC's estimated dividend increases, effective tax rate and the estimated Adjusted EBITDA of the Partnership are based on preliminary estimates and, accordingly, remain subject to changes that could be significant.
Targa Resources Partners Third Quarter 2013 - Capitalization, Liquidity and Financing
Total funded debt at the Partnership as of September 30, 2013 was $2,797.9 million including $400.0 million outstanding under the Partnership's $1.2 billion senior secured revolving credit facility, $168.0 million outstanding under the Partnership's accounts receivable securitization facility, and $2,229.9 million of senior unsecured notes, net of unamortized discounts.
As of September 30, 2013, after giving effect to $50.0 million in outstanding letters of credit, the Partnership had available revolver capacity of $750.0 million and $74.1 million of cash on hand, resulting in total liquidity of $824.1 million.
In July 2013, the Partnership paid $76.8 million plus accrued interest to redeem all of its outstanding 11¼% Notes.
During the nine months ended September 30, 2013, the Partnership issued a total of 8,349,727 common units representing total net proceeds of $377.4 million from equity issuances under equity distribution agreements, which allow the Partnership to periodically issue equity at prevailing market prices, less a commission. TRC contributed $7.9 million to maintain its 2% general partner interest during this period.