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Subsequent Events (Notes)
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Dec. 31, 2014
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| Subsequent Events [Abstract] | |||||||||||||||||||||||||||||||||||||
| Subsequent Events |
SUBSEQUENT EVENTS
Convertible Notes
On January 16, 2015, Cheniere CCH HoldCo II, LLC, our wholly owned direct subsidiary, entered into a note purchase agreement with EIG Management Company, LLC (“EIG”) to purchase $1.5 billion of convertible notes, which is scheduled to close once we reach a positive final investment decision on the Corpus Christi Liquefaction Project. The net proceeds would be used to fund a portion of the costs of developing, constructing and placing into service the Corpus Christi Liquefaction Project.
Contingent Interest Rate Derivatives
In February 2015, Cheniere Corpus Christi Holdings, LLC (“Cheniere Corpus Christi Holdings”) entered into contingent interest rate derivatives (“Contingent Interest Rate Derivatives”) to protect against volatility of future cash flows and hedge a portion of the variable interest payments on upcoming debt facilities that will be used to pay for a portion of the costs of developing, constructing and placing into service the Corpus Christi Liquefaction Project. The Contingent Interest Rate Derivatives are conditional upon certain conditions including reaching a final investment decision to commence construction of the Corpus Christi Liquefaction Project. We will contemplate making this final investment decision based upon, among other things, entering into acceptable commercial arrangements, receiving regulatory authorizations and obtaining adequate financing to construct the facility. Upon reaching a final investment decision to commence construction of the Corpus Christi Liquefaction Project, we estimate that we will pay $32.1 million to $45.5 million related to contingency and syndication premiums. Cheniere Corpus Christi Holdings has the following Contingent Interest Rate Derivatives outstanding:
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