Quarterly report pursuant to Section 13 or 15(d)

Restricted Cash

v3.4.0.3
Restricted Cash
 3 Months Ended
Mar. 31, 2016
Cash and Cash Equivalents [Abstract]  
Restricted Cash
RESTRICTED CASH
 
Restricted cash consists of funds that are contractually restricted as to usage or withdrawal and have been presented separately from cash and cash equivalents on our Consolidated Balance Sheets. Restricted cash consisted of the following (in thousands):
 
 
March 31,
 
December 31,
 
 
2016
 
2015
Current restricted cash
 
 
 
 
SPLNG debt service and interest payment
 
$
115,469

 
$
77,415

SPL Project
 
177,609

 
189,260

CTPL construction and interest payment
 
—

 
7,882

CQP and cash held by guarantor subsidiaries
 
108,894

 
—

CCL Project
 
295,316

 
46,770

Cash held by our subsidiaries restricted to Cheniere
 
10,511

 
147,138

Other
 
24,752

 
34,932

Total current restricted cash
 
$
732,551

 
$
503,397

 
 
 
 
 
Non-current restricted cash
 
 
 
 
SPLNG debt service
 
$
13,650

 
$
13,650

Other
 
18,074

 
18,072

Total non-current restricted cash
 
$
31,724

 
$
31,722



Under the indentures governing the senior notes issued by SPLNG (the “SPLNG Indentures”), except for permitted tax distributions, SPLNG may not make distributions until certain conditions are satisfied, including: (1) there must be on deposit in an interest payment account an amount equal to one-sixth of the semi-annual interest payment multiplied by the number of elapsed months since the last semi-annual interest payment, and (2) there must be on deposit in a permanent debt service reserve fund an amount equal to one semi-annual interest payment. Distributions are permitted only after satisfying the foregoing funding requirements, a fixed charge coverage ratio test of 2:1 and other conditions specified in the SPLNG Indentures. During the three months ended March 31, 2016 and 2015, SPLNG made distributions of $63.4 million and $70.8 million, respectively, after satisfying all the applicable conditions in the SPLNG Indentures.

In February 2016, Cheniere Partners entered into a $2.8 billion credit facility (the “2016 CQP Credit Facilities”). Under the terms of the 2016 CQP Credit Facilities and the related depositary agreement governing the extension of credit to Cheniere Partners, Cheniere Partners, and Cheniere Investments and CTPL as Cheniere Partners’ guarantor subsidiaries, are subject to limitations on the use of cash. Specifically, Cheniere Partners, Cheniere Investments and CTPL may only withdraw funds from collateral accounts held at a designated depositary bank on a monthly basis and for specific purposes, including for the payment of operating expenses. In addition, distributions and capital expenditures may only be made quarterly and are subject to certain restrictions.