Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.20.1
Debt (Tables)
3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Debt Instruments
As of March 31, 2020 and December 31, 2019, our debt consisted of the following (in millions):
 
 
March 31,
 
December 31,
 
 
2020
 
2019
Long-term debt:
 
 
 
 
SPL
 
 
 
 
5.625% Senior Secured Notes due 2021 (“2021 SPL Senior Notes”)
 
$

 
$
2,000

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”)
 
1,500

 
1,500

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”)
 
1,350

 
1,350

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

 
800

$1.2 billion SPL Working Capital Facility executed in 2020 (“2020 SPL Working Capital Facility”)

 

 

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

 
1,500

5.625% Senior Notes due 2026 (“2026 CQP Senior Notes”)
 
1,100

 
1,100

4.500% Senior Notes due 2029 (“2029 CQP Senior Notes”)
 
1,500

 
1,500

CQP Credit Facilities executed in 2019 (“2019 CQP Credit Facilities”)
 

 

Unamortized premium, discount and debt issuance costs, net
 
(159
)
 
(171
)
Total long-term debt, net
 
15,591


17,579

 
 
 
 
 
Current debt:
 
 
 
 
2021 SPL Senior Notes
 
2,000

 

$1.2 billion SPL Working Capital Facility executed in 2015 (“2015 SPL Working Capital Facility”)
 

 

Unamortized premium, discount and debt issuance costs, net
 
(4
)
 

Total current debt
 
1,996

 

 
 
 
 
 
Total debt, net
 
$
17,587

 
$
17,579


Schedule of Line of Credit Facilities
Below is a summary of our credit facilities outstanding as of March 31, 2020 (in millions):
 
 
2020 SPL Working Capital Facility
 
2019 CQP Credit Facilities
Original facility size
 
$
1,200

 
$
1,500

Less:
 
 
 
 
Outstanding balance
 

 

Commitments prepaid or terminated
 

 
750

Letters of credit issued
 
414

 

Available commitment
 
$
786

 
$
750

 
 
 
 
 
Interest rate on available balance
 
LIBOR plus 1.125% - 1.750% or base rate plus 0.125% - 0.750%
 
LIBOR plus 1.25% - 2.125% or base rate plus 0.25% - 1.125%
Weighted average interest rate of outstanding balance
 
n/a
 
n/a
Maturity date
 
March 19, 2025
 
May 29, 2024

Schedule of Interest Expense
Total interest expense consisted of the following (in millions):
 
 
Three Months Ended March 31,
 
 
2020
 
2019
Total interest cost
 
$
254

 
$
235

Capitalized interest
 
(20
)
 
(48
)
Total interest expense, net
 
$
234


$
187


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):
 
 
March 31, 2020
 
December 31, 2019
 
 
Carrying
Amount
 
Estimated
Fair Value
 
Carrying
Amount
 
Estimated
Fair Value
Senior notes (1)
 
$
16,950

 
$
15,762

 
$
16,950

 
$
18,320

2037 SPL Senior Notes (2)
 
800

 
709

 
800

 
934

Credit facilities (3)
 

 

 

 

 
(1)
Includes the SPL Senior Notes except the 2037 SPL Senior Notes and the 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 Working Capital Facility, 2020 SPL Working Capital Facility 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