Debt (Tables)
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9 Months Ended |
Sep. 30, 2019 |
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| Debt Disclosure [Abstract] |
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| Schedule of Debt Instruments |
As of September 30, 2019 and December 31, 2018, our debt consisted of the following (in millions):
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September 30, |
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December 31, |
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2019 |
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2018 |
Long-term debt: |
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SPL |
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5.625% Senior Secured Notes due 2021 (“2021 SPL Senior Notes”) |
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$ |
2,000 |
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$ |
2,000 |
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6.25% Senior Secured Notes due 2022 (“2022 SPL Senior Notes”) |
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1,000 |
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1,000 |
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5.625% Senior Secured Notes due 2023 (“2023 SPL Senior Notes”) |
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1,500 |
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1,500 |
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5.75% Senior Secured Notes due 2024 (“2024 SPL Senior Notes”) |
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2,000 |
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2,000 |
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5.625% Senior Secured Notes due 2025 (“2025 SPL Senior Notes”) |
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2,000 |
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2,000 |
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5.875% Senior Secured Notes due 2026 (“2026 SPL Senior Notes”) |
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1,500 |
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1,500 |
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5.00% Senior Secured Notes due 2027 (“2027 SPL Senior Notes”) |
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1,500 |
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1,500 |
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4.200% Senior Secured Notes due 2028 (“2028 SPL Senior Notes”) |
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1,350 |
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1,350 |
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5.00% Senior Secured Notes due 2037 (“2037 SPL Senior Notes”) |
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800 |
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800 |
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Cheniere Partners |
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5.250% Senior Notes due 2025 (“2025 CQP Senior Notes”) |
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1,500 |
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1,500 |
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5.625% Senior Notes due 2026 (“2026 CQP Senior Notes”) |
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1,100 |
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1,100 |
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4.500% Senior Notes due 2029 (“2029 CQP Senior Notes”) |
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1,500 |
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— |
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2016 CQP Credit Facilities |
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— |
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— |
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CQP Credit Facilities entered into in 2019 (“2019 CQP Credit Facilities”) |
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— |
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— |
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Unamortized premium, discount and debt issuance costs, net |
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(179 |
) |
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(184 |
) |
Total long-term debt, net |
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17,571 |
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16,066 |
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Current debt: |
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$1.2 billion SPL Working Capital Facility (“SPL Working Capital Facility”) |
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— |
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— |
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Total debt, net |
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$ |
17,571 |
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$ |
16,066 |
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| Schedule of Line of Credit Facilities |
Below is a summary of our credit facilities outstanding as of September 30, 2019 (in millions):
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SPL Working Capital Facility (1) |
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2019 CQP Credit Facilities |
Original facility size |
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$ |
1,200 |
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$ |
1,500 |
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Less: |
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Outstanding balance |
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— |
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— |
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Commitments prepaid or terminated |
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— |
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750 |
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Letters of credit issued |
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414 |
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— |
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Available commitment |
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$ |
786 |
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$ |
750 |
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Interest rate on available balance |
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LIBOR plus 1.75% or base rate plus 0.75% |
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LIBOR plus 1.25% - 2.125% or base rate plus 0.25% - 1.125% |
Maturity date |
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December 31, 2020 |
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May 29, 2024 |
(1)
The SPL Working Capital Facility was amended in May 2019 in connection with commercialization and financing of Train 6 of the Liquefaction Project. All terms of the SPL Working Capital Facility substantially remained unchanged.
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| Schedule of Interest Expense |
Total interest expense consisted of the following (in millions):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2019 |
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2018 |
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2019 |
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2018 |
Total interest cost |
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$ |
246 |
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$ |
235 |
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$ |
718 |
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$ |
701 |
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Capitalized interest |
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(15 |
) |
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(52 |
) |
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(70 |
) |
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(149 |
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Total interest expense, net |
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$ |
231 |
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$ |
183 |
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$ |
648 |
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$ |
552 |
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| Schedule of Carrying Values and Estimated Fair Values of Debt Instruments |
The following table shows the carrying amount, which is net of unamortized premium, discount and debt issuance costs, and estimated fair value of our debt (in millions):
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September 30, 2019 |
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December 31, 2018 |
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Carrying
Amount
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Estimated
Fair Value
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Carrying
Amount
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Estimated
Fair Value
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Senior notes (1) |
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$ |
16,780 |
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$ |
18,340 |
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$ |
15,275 |
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$ |
15,672 |
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2037 SPL Senior Notes (2) |
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791 |
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909 |
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791 |
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817 |
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Credit facilities (3) |
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— |
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— |
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— |
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— |
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(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, 2025 CQP Senior Notes, 2026
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CQP Senior Notes and 2029 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.
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(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 SPL Working Capital Facility, 2016 CQP Credit Facilities and 2019 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.
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