Cheniere Energy Partners, L.P. Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Debt (Tables)

Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt consisted of the following (in millions):


	September 30,		December 31,

	2025		2024
SPL:
Senior Secured Notes:



5.625% due 2025	$	—	$	300
5.875% due 2026	500		1,500
5.00% due 2027	1,500		1,500
4.200% due 2028	1,350		1,350
4.500% due 2030	2,000		2,000
due 2037 with weighted average rate of 4.747% and 4.746% at September 30, 2025 and December 31, 2024, respectively (1)	1,730		1,782
Total SPL Senior Secured Notes	7,080		8,432

Revolving credit and guaranty agreement (the “SPL Revolving Credit Facility”)	—		—
Total debt - SPL	7,080		8,432

CQP:
Senior Notes:


4.500% due 2029	1,500		1,500
4.000% due 2031	1,500		1,500
3.25% due 2032	1,200		1,200
5.950% due 2033	1,400		1,400
5.750% due 2034	1,200		1,200
5.550% due 2035 (2)	1,000		—
Total CQP Senior Notes	7,800		6,800

Revolving credit and guaranty agreement (the “CQP Revolving Credit Facility”)	—		—
Total debt - CQP	7,800		6,800
Total debt	14,880		15,232

Current debt, net of unamortized discount and debt issuance costs (1)	(605)		(351)

Unamortized discount and debt issuance costs	(119)		(120)
Total long-term debt, net of unamortized discount and debt issuance costs	$	14,156	$	14,761

(1)Includes notes that amortize based on a fixed amortization schedule as set forth in their respective indentures.

(2)Issued in July 2025 pursuant to the same base indenture as the other CQP Senior Notes, as supplemented by the tenth supplemental indenture. See annual report on Form 10-K for the fiscal year ended December 31, 2024 for additional information regarding the guarantee, security and redemption option of CQP Senior Notes.

Schedule of Line of Credit Facilities

Below is a summary of our credit facilities outstanding as of September 30, 2025 (in millions):


	SPL Revolving Credit Facility		CQP Revolving Credit Facility
Total facility size	$	1,000	$	1,000
Less:
Outstanding balance	—		—

Letters of credit issued	185		—
Available commitment	$	815	$	1,000

Priority ranking	Senior secured		Senior unsecured
Interest rate on available balance (1)	SOFR plus credit spread adjustment of 0.1%, plus margin of 1.0% - 1.75% or base rate plus 0.0% - 0.75%		SOFR plus credit spread adjustment of 0.1%, plus margin of 1.125% - 2.0% or base rate plus 0.125% - 1.0%

Commitment fees on undrawn balance (1)	0.075% - 0.30%		0.10% - 0.30%
Letter of credit fees (1)	1.0% - 1.75%		1.125% - 2.0%
Maturity date	June 23, 2028		June 23, 2028

(1)The margin on the interest rate, the commitment fees and the letter of credit fees is subject to change based on the applicable entity’s credit rating.

Schedule of Interest Expense

Total interest expense, net of capitalized interest, consisted of the following (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Total interest cost	$	192	$	201	$	574	$	609
Capitalized interest	(3)		(2)		(7)		(6)
Total interest expense, net of capitalized interest	$	189	$	199	$	567	$	603

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table shows the carrying amount and estimated fair value of our senior notes (in millions):


	September 30, 2025				December 31, 2024
	Carrying Amount (1)		Estimated Fair Value (2)		Carrying Amount (1)		Estimated Fair Value (2)
Senior notes	$	14,880	$	14,862	$	15,232	$	14,803

(1)Carrying amounts exclude unamortized discount and debt issuance costs.

(2)As of both September 30, 2025 and December 31, 2024, $1.3 billion of the fair value of our senior notes were classified as Level 3 since these senior notes were valued by applying an unobservable illiquidity adjustment to the price derived from trades or indicative bids of instruments with similar terms, maturities and credit standing. The remainder of the fair value of our senior notes was classified as Level 2, based on prices derived from trades or indicative bids of the instruments.