| Schedule of Long-term Debt Instruments |
As of March 31, 2015 and December 31, 2014, our long-term debt consisted of the following (in thousands):
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|
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|
March 31, |
|
December 31, |
|
|
2015 |
|
2014 |
Long-term debt |
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|
|
|
2016 Sabine Pass LNG Senior Notes |
|
$ |
1,665,500 |
|
|
$ |
1,665,500 |
|
2020 Sabine Pass LNG Senior Notes |
|
420,000 |
|
|
420,000 |
|
2021 SPL Senior Notes
|
|
2,000,000 |
|
|
2,000,000 |
|
2022 SPL Senior Notes |
|
1,000,000 |
|
|
1,000,000 |
|
2023 SPL Senior Notes
|
|
1,500,000 |
|
|
1,500,000 |
|
2024 SPL Senior Notes |
|
2,000,000 |
|
|
2,000,000 |
|
2025 SPL Senior Notes |
|
2,000,000 |
|
|
— |
|
2017 CTPL Term Loan |
|
400,000 |
|
|
400,000 |
|
Total long-term debt |
|
10,985,500 |
|
|
8,985,500 |
|
Long-term debt premium (discount) |
|
|
|
|
2016 Sabine Pass LNG Senior Notes |
|
(7,824 |
) |
|
(8,998 |
) |
2021 SPL Senior Notes
|
|
9,819 |
|
|
10,177 |
|
2023 SPL Senior Notes
|
|
6,918 |
|
|
7,089 |
|
2017 CTPL Term Loan
|
|
(2,184 |
) |
|
(2,435 |
) |
Total long-term debt, net |
|
$ |
10,992,229 |
|
|
$ |
8,991,333 |
|
|
| Schedule of Carrying Values and Estimated Fair Values of Debt Instruments |
The following table (in thousands) shows the carrying amount and estimated fair value of our long-term debt:
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March 31, 2015 |
|
December 31, 2014 |
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
2016 Sabine Pass LNG Senior Notes, net of discount (1) |
|
$ |
1,657,676 |
|
|
$ |
1,757,136 |
|
|
$ |
1,656,502 |
|
|
$ |
1,718,621 |
|
2020 Sabine Pass LNG Senior Notes (1) |
|
420,000 |
|
|
428,400 |
|
|
420,000 |
|
|
428,400 |
|
2021 SPL Senior Notes, net of premium (1) |
|
2,009,819 |
|
|
2,024,893 |
|
|
2,010,177 |
|
|
1,985,050 |
|
2022 SPL Senior Notes (1) |
|
1,000,000 |
|
|
1,030,000 |
|
|
1,000,000 |
|
|
1,020,000 |
|
2023 SPL Senior Notes, net of premium (1) |
|
1,506,918 |
|
|
1,506,918 |
|
|
1,507,089 |
|
|
1,476,947 |
|
2024 SPL Senior Notes (1) |
|
2,000,000 |
|
|
2,000,000 |
|
|
2,000,000 |
|
|
1,970,000 |
|
2025 SPL Senior Notes (1) |
|
2,000,000 |
|
|
1,975,000 |
|
|
— |
|
|
— |
|
2017 CTPL Term Loan, net of discount (2) |
|
397,816 |
|
|
400,000 |
|
|
397,565 |
|
|
400,000 |
|
|
|
(1) |
The Level 2 estimated fair value was based on quotations obtained from broker-dealers who make markets in these and similar instruments based on the closing trading prices on March 31, 2015 and December 31, 2014, as applicable.
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(2) |
The Level 3 estimated fair value approximates the principal amount because the interest rates are variable and reflective of market rates and CTPL has the ability to call this debt at any time without penalty. |
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