Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt (Tables)

v3.3.0.814
Long-Term Debt (Tables)
9 Months Ended
Sep. 30, 2015
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
As of September 30, 2015 and December 31, 2014, our long-term debt consisted of the following (in thousands):
 
 
Interest
 
September 30,
 
December 31,
 
 
Rate
 
2015
 
2014
Long-term debt
 
 
 
 
 
 
2016 SPLNG Senior Notes
 
7.500%
 
$
1,665,500

 
$
1,665,500

2020 SPLNG Senior Notes
 
6.500%
 
420,000

 
420,000

2021 SPL Senior Notes
 
5.625%
 
2,000,000

 
2,000,000

2022 SPL Senior Notes
 
6.250%
 
1,000,000

 
1,000,000

2023 SPL Senior Notes
 
5.625%
 
1,500,000

 
1,500,000

2024 SPL Senior Notes
 
5.750%
 
2,000,000

 
2,000,000

2025 SPL Senior Notes
 
5.625%
 
2,000,000

 

2015 SPL Credit Facilities (1)
 
(2)
 
250,000

 

CTPL Term Loan (3)
 
(4)
 
400,000

 
400,000

SPL Working Capital Facility (5)
 
(6)
 

 

Total long-term debt
 
 
 
11,235,500

 
8,985,500

Long-term debt premium (discount)
 
 
 
 
 
 
2016 SPLNG Senior Notes
 
 
 
(5,477
)
 
(8,998
)
2021 SPL Senior Notes
 
 
 
9,090

 
10,177

2023 SPL Senior Notes
 
 
 
6,570

 
7,089

CTPL Term Loan
 
 
 
(1,681
)
 
(2,435
)
Total long-term debt, net
 
 
 
$
11,244,002

 
$
8,991,333


 
(1)
Matures on the earlier of December 31, 2020 or the second anniversary of the completion date of Trains 1 through 5 of the Liquefaction Project.
(2)
Variable interest rate, at SPL’s election, is LIBOR or the base rate plus the applicable margin. The applicable margins for LIBOR loans range from 1.30% to 1.75%, depending on the applicable 2015 SPL Credit Facility, and the applicable margin for base rate loans is 1.75%. Interest on LIBOR loans is due and payable at the end of each LIBOR period, and interest on base rate loans is due and payable at the end of each quarter.
(3)
Matures on May 28, 2017 when the full amount of the outstanding principal obligations must be repaid.
(4)
Variable interest rate, at CTPL’s election, is LIBOR or the base rate plus the applicable margin. CTPL has historically elected LIBOR loans, for which the applicable margin is 3.25% and is due and payable at the end of each LIBOR period.
(5)
Matures on December 31, 2020, with various terms for underlying loans, as further described below under SPL Working Capital Facility. As of September 30, 2015 and December 31, 2014, no loans were outstanding under the SPL Working Capital Facility or the SPL LC Agreement it replaced.
(6)
Variable interest rates, based on LIBOR or the base rate, as further described below under SPL Working Capital Facility.

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:
 
 
September 30, 2015
 
December 31, 2014
 
 
Carrying
Amount
 
Estimated
Fair Value
 
Carrying
Amount
 
Estimated
Fair Value
2016 SPLNG Senior Notes, net of discount (1)
 
$
1,660,023

 
$
1,684,923

 
$
1,656,502

 
$
1,718,621

2020 SPLNG Senior Notes (1)
 
420,000

 
410,550

 
420,000

 
428,400

2021 SPL Senior Notes, net of premium (1)
 
2,009,090

 
1,853,386

 
2,010,177

 
1,985,050

2022 SPL Senior Notes (1)
 
1,000,000

 
930,000

 
1,000,000

 
1,020,000

2023 SPL Senior Notes, net of premium (1)
 
1,506,570

 
1,344,614

 
1,507,089

 
1,476,947

2024 SPL Senior Notes (1)
 
2,000,000

 
1,765,000

 
2,000,000

 
1,970,000

2025 SPL Senior Notes (1)
 
2,000,000

 
1,755,000

 

 

2015 SPL Credit Facilities (2)
 
250,000

 
250,000

 

 

CTPL Term Loan, net of discount (2)
 
398,319

 
400,000

 
397,565

 
400,000

SPL Working Capital Facility (2)
 

 

 

 

 
(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 September 30, 2015 and December 31, 2014, as applicable.
(2)
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.