Debt (Tables)
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12 Months Ended |
Dec. 31, 2015 |
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| Debt Disclosure [Abstract] |
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| Schedule of Long-term Debt Instruments |
As of December 31, 2015 and 2014, our debt consisted of the following (in thousands):
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Interest |
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December 31, |
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December 31, |
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Rate |
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2015 |
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2014 |
Long-term debt |
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2016 SPLNG Senior Notes |
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7.500% |
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$ |
— |
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$ |
1,665,500 |
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2020 SPLNG Senior Notes |
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6.500% |
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420,000 |
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|
420,000 |
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2021 SPL Senior Notes |
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5.625% |
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2,000,000 |
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|
2,000,000 |
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2022 SPL Senior Notes |
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6.250% |
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1,000,000 |
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|
1,000,000 |
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2023 SPL Senior Notes |
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5.625% |
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1,500,000 |
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|
1,500,000 |
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2024 SPL Senior Notes |
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5.750% |
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2,000,000 |
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|
2,000,000 |
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2025 SPL Senior Notes |
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5.625% |
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2,000,000 |
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— |
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2015 SPL Credit Facilities (1) |
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(2) |
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845,000 |
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— |
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CTPL Term Loan (3) |
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(4) |
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400,000 |
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400,000 |
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Total long-term debt |
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10,165,000 |
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8,985,500 |
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Long-term debt premium (discount) |
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2016 SPLNG Senior Notes |
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— |
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(8,998 |
) |
2021 SPL Senior Notes |
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8,718 |
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10,177 |
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2023 SPL Senior Notes |
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6,392 |
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7,089 |
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CTPL Term Loan |
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(1,429 |
) |
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(2,435 |
) |
Total long-term debt, net |
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10,178,681 |
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8,991,333 |
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Current debt |
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2016 SPLNG Senior Notes |
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1,665,500 |
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— |
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2016 SPLNG Senior Notes - discount |
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(4,303 |
) |
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— |
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SPL Working Capital Facility (5) |
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(6) |
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15,000 |
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— |
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Total current debt, net |
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1,676,197 |
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— |
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Total debt, net |
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$ |
11,854,878 |
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$ |
8,991,333 |
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(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.
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(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.
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(3) |
Matures on May 28, 2017, when the full amount of the outstanding principal obligations must be repaid. |
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(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.
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(5) |
Matures on December 31, 2020, with various terms for underlying loans, as further described below under SPL Working Capital Facility. As of December 31, 2014, no loans were outstanding under the $325.0 million senior letter of credit and reimbursement agreement that was entered into in April 2014 (the “SPL LC Agreement”) it replaced.
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(6) |
Variable interest rates, based on LIBOR or the base rate, as further described below under SPL Working Capital Facility.
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| Schedule of Maturities of Long-term Debt |
Below is a schedule of future principal payments that we are obligated to make on our outstanding debt at December 31, 2015 (in thousands):
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Years Ending December 31, |
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Principal Payments |
2016 |
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$ |
1,680,500 |
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2017 |
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400,000 |
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2018 |
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— |
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2019 |
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— |
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2020 |
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1,265,000 |
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Thereafter |
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8,500,000 |
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Total |
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$ |
11,845,500 |
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| Schedule of Carrying Values and Estimated Fair Values of Debt Instruments |
The following table shows the carrying amount and estimated fair value (in thousands) of our debt:
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December 31, 2015 |
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December 31, 2014 |
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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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2016 SPLNG Senior Notes, net of discount (1) |
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$ |
1,661,197 |
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$ |
1,652,891 |
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$ |
1,656,502 |
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$ |
1,718,621 |
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2020 SPLNG Senior Notes (1) |
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420,000 |
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403,200 |
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420,000 |
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428,400 |
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2021 SPL Senior Notes, net of premium (1) |
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2,008,718 |
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1,832,955 |
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2,010,177 |
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1,985,050 |
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2022 SPL Senior Notes (1) |
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1,000,000 |
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912,500 |
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1,000,000 |
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1,020,000 |
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2023 SPL Senior Notes, net of premium (1) |
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1,506,392 |
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1,299,263 |
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1,507,089 |
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1,476,947 |
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2024 SPL Senior Notes (1) |
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2,000,000 |
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1,715,000 |
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2,000,000 |
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1,970,000 |
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2025 SPL Senior Notes (1) |
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2,000,000 |
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1,710,000 |
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— |
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— |
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2015 SPL Credit Facilities (2) |
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845,000 |
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845,000 |
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— |
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— |
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CTPL Term Loan, net of discount (2) |
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398,571 |
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400,000 |
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397,565 |
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400,000 |
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SPL Working Capital Facility (2) |
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15,000 |
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15,000 |
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— |
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— |
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(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 December 31, 2015 and 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 the debt may be repaid, in full or in part, at any time without penalty. |
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