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Subsequent Events
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6 Months Ended |
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Jun. 30, 2012
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| Subsequent Events [Abstract] | |
| Subsequent Events |
Subsequent Events
Final Investment Decision
In July 2012, our Board of Directors made a positive final investment decision on the development and construction of the first two LNG trains subject to the closing of the debt financing, funding of the initial equity investment by Blackstone, and funding of the remaining equity investment by Cheniere.
Liquefaction Project Debt and Equity Financing
In July 2012, Sabine Pass Liquefaction closed $3.6 billion of debt financing with a syndicate of lenders (the "Liquefaction Credit Facility") to fund the costs of developing, constructing and placing into service the first two LNG trains of the liquefaction facilities adjacent to the Sabine Pass LNG terminal. The Liquefaction Credit Facility has a seven-year maturity and an interest rate of LIBOR plus 350 basis points during construction, increasing to LIBOR plus 375 basis points during operations. In addition, Cheniere purchased $333 million of its remaining Class B Units in July 2012 for an aggregate investment of $500.0 million.
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