Annual report pursuant to Section 13 and 15(d)

Long-Term Debt (Tables)

v2.4.1.9
Long-Term Debt (Tables)
12 Months Ended
Dec. 31, 2014
Debt Instrument [Line Items]  
Schedule of Long-term Debt Instruments
As of December 31, 2014 and 2013, our long-term debt consisted of the following (in thousands): 
 
 
December 31,
 
 
2014
 
2013
Long-term debt
 
 
 
 
2016 Sabine Pass LNG Senior Notes
 
$
1,665,500

 
$
1,665,500

2020 Sabine Pass LNG Senior Notes
 
420,000

 
420,000

2021 Sabine Pass Liquefaction Senior Notes
 
2,000,000

 
2,000,000

2022 Sabine Pass Liquefaction Senior Notes
 
1,000,000

 
1,000,000

2023 Sabine Pass Liquefaction Senior Notes
 
1,500,000

 
1,000,000

2024 Sabine Pass Liquefaction Senior Notes
 
2,000,000

 

2013 Liquefaction Credit Facilities
 

 
100,000

2021 Convertible Unsecured Notes
 
1,004,469

 

2017 CTPL Term Loan
 
400,000

 
400,000

Total long-term debt
 
9,989,969

 
6,585,500

Long-term debt premium (discount)
 
 

 
 

2016 Sabine Pass LNG Senior Notes
 
(8,998
)
 
(13,693
)
2021 Sabine Pass Liquefaction Senior Notes
 
10,177

 
11,562

2023 Sabine Pass Liquefaction Senior Notes
 
7,088

 

2021 Convertible Unsecured Notes
 
(189,717
)
 

2017 CTPL Term Loan
 
(2,435
)
 
(7,096
)
Total long-term debt, net
 
$
9,806,084

 
$
6,576,273

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, 2014 (in thousands): 
 
 
Payments Due for the Years Ended December 31,
 
 
Total
 
2015
 
2016 to 2017
 
2018 to 2019
 
Thereafter
Debt:
 
 
 
 
 
 
 
 
 
 
2016 Notes
 
$
1,665,500

 
$

 
$
1,665,500

 
$

 
$

2020 Notes
 
420,000

 

 

 

 
420,000

2021 Sabine Pass Liquefaction Senior Notes
 
2,000,000

 

 

 

 
2,000,000

2022 Sabine Pass Liquefaction Senior Notes
 
1,000,000

 

 

 

 
1,000,000

2023 Sabine Pass Liquefaction Senior Notes
 
1,500,000

 

 

 

 
1,500,000

2024 Sabine Pass Liquefaction Senior Notes
 
2,000,000

 

 

 

 
2,000,000

2021 Convertible Unsecured Notes
 
1,004,469

 

 

 

 
1,004,469

2017 CTPL Term Loan
 
400,000

 

 
400,000

 

 

Total Debt
 
$
9,989,969

 
$

 
$
2,065,500

 
$

 
$
7,924,469

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The following table (in thousands) shows the carrying amount and estimated fair value of our long-term debt:
 
 
December 31, 2014
 
December 31, 2013
 
 
Carrying
Amount
 
Estimated
Fair Value
 
Carrying
Amount
 
Estimated
Fair Value
2016 Sabine Pass LNG Senior Notes, net of discount (1)
 
$
1,656,502

 
$
1,718,621

 
$
1,651,807

 
$
1,868,607

2020 Sabine Pass LNG Senior Notes (1)
 
420,000

 
428,400

 
420,000

 
432,600

2021 Sabine Pass Liquefaction Senior Notes, net of premium (1)
 
2,010,177

 
1,985,050

 
2,011,562

 
1,961,273

2022 Sabine Pass Liquefaction Senior Notes (1)
 
1,000,000

 
1,020,000

 
1,000,000

 
982,500

2023 Sabine Pass Liquefaction Senior Notes, net of premium (1)
 
1,507,089

 
1,476,947

 
1,000,000

 
935,000

2024 Sabine Pass Liquefaction Senior Notes (1)
 
2,000,000

 
1,970,000

 

 

2013 Liquefaction Credit Facilities (2)
 

 

 
100,000

 
100,000

2021 Convertible Unsecured Notes (3)
 
814,751

 
1,025,563

 

 

2017 CTPL Term Loan, net of discount (4)
 
397,565

 
400,000

 
392,904

 
400,000

 
(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, 2014 and 2013, as applicable.
(2)
The Level 3 estimated fair value approximates the carrying amount because the interest rates are variable and reflective of market rates and Sabine Pass Liquefaction has the ability to call this debt at any time without penalty.
(3)
The Level 3 estimated fair value was calculated based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including our stock price and interest rates based on debt issued by parties with comparable credit ratings to us and inputs that are not observable in the market. 
(4)
The Level 3 estimated fair value approximates the principal amount because the interest rates are variable and reflective of market rates and CTPL has the ability to call this debt at any time without penalty.
2021 Convertible Unsecured Notes [Member]  
Debt Instrument [Line Items]  
Schedule of Interest Expense Related to Convertible Notes
Interest expense, before capitalization, related to the 2021 Convertible Unsecured Notes consisted of the following (in thousands):
 
 
Year Ended December 31,
 
 
2014
 
2013
 
2012
PIK interest per contractual rate
 
$
4,469

 
$

 
$

Amortization of debt discount
 
2,328

 

 

Amortization of debt issuance costs
 
4

 

 

Total interest expense related to 2021 Convertible Unsecured Notes
 
$
6,801

 
$

 
$