Current report filing

Debt (Tables)

v3.8.0.1
Debt (Tables)
12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
Schedule of Debt Instruments
As of December 31, 2017 and 2016, our debt consisted of the following (in millions):
 
 
December 31,
 
 
2017
 
2016
Long-term debt:
 
 
 
 
SPL
 
 
 
 
5.625% Senior Secured Notes due 2021 (“2021 SPL Senior Notes”), net of unamortized premium of $6 and $7
 
$
2,006

 
$
2,007

6.25% Senior Secured Notes due 2022 (“2022 SPL Senior Notes”)
 
1,000

 
1,000

5.625% Senior Secured Notes due 2023 (“2023 SPL Senior Notes”), net of unamortized premium of $5 and $6
 
1,505

 
1,506

5.75% Senior Secured Notes due 2024 (“2024 SPL Senior Notes”)
 
2,000

 
2,000

5.625% Senior Secured Notes due 2025 (“2025 SPL Senior Notes”)
 
2,000

 
2,000

5.875% Senior Secured Notes due 2026 (“2026 SPL Senior Notes”)
 
1,500

 
1,500

5.00% Senior Secured Notes due 2027 (“2027 SPL Senior Notes”)
 
1,500

 
1,500

4.200% Senior Secured Notes due 2028 (“2028 SPL Senior Notes”), net of unamortized discount of $1 and zero
 
1,349

 

5.00% Senior Secured Notes due 2037 (“2037 SPL Senior Notes”)
 
800

 

2015 SPL Credit Facilities
 

 
314

Cheniere Partners
 
 
 
 
5.250% Senior Notes due 2025 (“2025 CQP Senior Notes”)
 
1,500

 

2016 CQP Credit Facilities
 
1,090

 
2,560

Unamortized debt issuance costs
 
(204
)
 
(178
)
Total long-term debt, net
 
16,046

 
14,209

 
 
 
 
 
Current debt:
 
 
 
 
$1.2 billion SPL Working Capital Facility (“SPL Working Capital Facility”)
 

 
224

 
 
 
 
 
Total debt, net
 
$
16,046

 
$
14,433



Schedule of Maturities of Long-term Debt
Below is a schedule of future principal payments that we are obligated to make, based on current construction schedules, on our outstanding debt at December 31, 2017 (in millions): 
Years Ending December 31,
 
Principal Payments
2018
 
$

2019
 
55

2020
 
1,035

2021
 
2,000

2022
 
1,000

Thereafter
 
12,150

Total
 
$
16,240

Schedule of Line of Credit Facilities
Below is a summary of our credit facilities outstanding as of December 31, 2017 (in millions):
 
 
SPL Working Capital Facility
 
2016 CQP Credit Facilities
Original facility size
 
$
1,200

 
$
2,800

Less:
 
 
 
 
Outstanding balance
 

 
1,090

Commitments prepaid or terminated
 

 
1,470

Letters of credit issued
 
730

 
20

Available commitment
 
$
470


$
220

 
 
 
 
 
Interest rate
 
LIBOR plus 1.75% or base rate plus 0.75%
 
LIBOR plus 2.25% or base rate plus 1.25% (1)
Maturity date
 
December 31, 2020, with various terms for underlying loans
 
February 25, 2020, with principal payments due quarterly commencing on March 31, 2019
 
(1)
There is a 0.50% step-up for both LIBOR and base rate loans beginning on February 25, 2019.
Schedule of Interest Expense
Total interest expense consisted of the following (in millions):
 
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
Total interest cost
 
$
902

 
$
841

 
$
708

Capitalized interest
 
(288
)
 
(484
)
 
(523
)
Total interest expense, net
 
$
614

 
$
357

 
$
185

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The following table shows the carrying amount and estimated fair value of our debt (in millions):
 
 
December 31, 2017
 
December 31, 2016
 
 
Carrying
Amount
 
Estimated
Fair Value
 
Carrying
Amount
 
Estimated
Fair Value
Senior notes, net of premium or discount (1)
 
$
14,360

 
$
15,485

 
$
11,513

 
$
12,309

2037 SPL Senior Notes (2)
 
800

 
871

 

 

Credit facilities (3)
 
1,090

 
1,090

 
3,098

 
3,098

 

(1)
Includes 2021 SPL Senior Notes, 2022 SPL Senior Notes, 2023 SPL Senior Notes, 2024 SPL Senior Notes, 2025 SPL Senior Notes, 2026 SPL Senior Notes, 2027 SPL Senior Notes, 2028 SPL Senior Notes and 2025 CQP Senior Notes. The Level 2 estimated fair value was based on quotes obtained from broker-dealers or market makers of these senior notes and other similar instruments.
(2)
The Level 3 estimated fair value was calculated based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including our stock price and interest rates based on debt issued by parties with comparable credit ratings to us and inputs that are not observable in the market. 
(3)
Includes 2015 SPL Credit Facilities, SPL Working Capital Facility and 2016 CQP Credit Facilities. The Level 3 estimated fair value approximates the principal amount because the interest rates are variable and reflective of market rates and the debt may be repaid, in full or in part, at any time without penalty.