Cheniere Energy, Inc. Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Debt (Tables)

Debt (Tables)

6 Months Ended

Jun. 30, 2025

Debt consisted of the following (in millions):


	June 30,		December 31,

	2025		2024
SPL:
Senior Secured Notes:



5.625% due 2025	$	—	$	300
5.875% due 2026 (the “2026 SPL Senior Notes”) (1)	1,500		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
4.746% weighted average rate due 2037 (2)	1,782		1,782
Total SPL Senior Secured Notes	8,132		8,432
Revolving credit and guaranty agreement (the “SPL Revolving Credit Facility”)	—		—
Total debt - SPL	8,132		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
Total CQP Senior Notes	6,800		6,800
Revolving credit and guaranty agreement (the “CQP Revolving Credit Facility”)	—		—
Total debt - CQP	6,800		6,800

CCH:
Senior Secured Notes:


5.125% due 2027	1,201		1,201
3.700% due 2029	1,125		1,125
3.788% weighted average rate due 2039 (2)	2,539		2,539
Total CCH Senior Secured Notes	4,865		4,865
Term loan facility agreement (the “CCH Credit Facility”)	—		—
Working capital facility agreement (the “CCH Working Capital Facility”)	—		—
Total debt - CCH	4,865		4,865

Cheniere:
4.625% Senior Notes due 2028	1,500		1,500
5.650% Senior Notes due 2034	1,500		1,500
Total Cheniere Senior Notes	3,000		3,000
Revolving credit agreement (the “Cheniere Revolving Credit Facility”) (3)	—		—

Total debt - Cheniere	3,000		3,000


Total debt	22,797		23,097

Current debt, net of unamortized discount and debt issuance costs (1) (2)	(609)		(351)

Unamortized discount and debt issuance costs	(176)		(192)
Total long-term debt, net of unamortized discount and debt issuance costs	$	22,012	$	22,554

(1)In July 2025, CQP issued and sold $1.0 billion aggregate principal amount of 5.550% Senior Notes due 2035, and the net proceeds, together with cash on hand, were used to redeem $1.0 billion of the aggregate principal amount of the 2026 SPL Senior Notes. As a portion of the 2026 SPL Senior Notes that were contractually due within one year was refinanced with a long-term debt instrument before the issuance of these Consolidated Financial Statements, the amount redeemed was classified as long-term debt as of June 30, 2025.

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

(3)In August 2025, we entered into an amendment and restatement of the Cheniere Revolving Credit Facility. See below for additional details.

Schedule of Line of Credit Facilities and Delayed Draw Term Loan

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


	SPL Revolving Credit Facility		CQP Revolving Credit Facility		CCH Credit Facility		CCH Working Capital Facility		Cheniere Revolving Credit Facility (1)
Total facility size	$	1,000	$	1,000	$	3,260	$	1,500	$	1,250

Less:
Outstanding balance	—		—		—		—		—

Letters of credit issued	215		—		—		110		—
Available commitment	$	785	$	1,000	$	3,260	$	1,390	$	1,250

Priority ranking	Senior secured		Senior unsecured		Senior secured		Senior secured		Senior unsecured
Interest rate on available balance (2)	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%		SOFR plus credit spread adjustment of 0.1%, plus margin of 1.5% or base rate plus 0.5%		SOFR plus credit spread adjustment of 0.1%, plus margin of 1.0% - 1.5% or base rate plus 0.0% - 0.5%		SOFR plus credit spread adjustment of 0.1%, plus margin of 1.075% - 2.20% or base rate plus 0.075% - 1.2%

Commitment fees on undrawn balance (2)	0.075% - 0.30%		0.10% - 0.30%		0.525%		0.10% - 0.20%		0.115% - 0.365%
Letter of credit fees (2)	1.0% - 1.75%		1.125% - 2.0%		N/A		1.0% - 1.5%		1.075% - 2.20%
Maturity date	June 23, 2028		June 23, 2028		(3)		June 15, 2027		October 28, 2026

(1)In August 2025, we entered into an amendment and restatement of the Cheniere Revolving Credit Facility. See below for additional details.

(2)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.

(3)The CCH Credit Facility matures the earlier of June 15, 2029 or two years after the substantial completion of the last Train of the Corpus Christi Stage 3 Project.

Schedule of Interest Expense

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Total interest cost	$	298	$	309	$	593	$	620
Capitalized interest	(61)		(52)		(127)		(97)
Total interest expense, net of capitalized interest	$	237	$	257	$	466	$	523

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):


	June 30, 2025				December 31, 2024
	Carrying Amount		Estimated Fair Value (1)		Carrying Amount		Estimated Fair Value (1)
Senior notes	$	22,797	$	22,355	$	23,097	$	22,220

(1)As of June 30, 2025 and December 31, 2024, $3.1 billion and $3.0 billion, respectively, 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.