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

Quarterly report [Sections 13 or 15(d)]

Debt (Tables)

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt consisted of the following (in millions):


	March 31,		December 31,

	2026		2025
SPL:
Senior Secured Notes:




5.875% due 2026	$	—	$	200
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 4.748% and 4.747% at March 31, 2026 and December 31, 2025, respectively (1)	1,677		1,730
Total SPL Senior Secured Notes	6,527		6,780
Revolving credit and guaranty agreement (the “SPL Revolving Credit Facility”)	—		—
Total debt - SPL	6,527		6,780

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	1,000		1,000
Total CQP Senior Notes	7,800		7,800
Revolving credit and guaranty agreement (the “CQP Revolving Credit Facility”)	—		—
Total debt - CQP	7,800		7,800

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 (1)	2,539		2,539
Total CCH Senior Secured Notes	4,865		4,865
Term loan facility agreement (the “CCH Credit Facility”)	—		550
Working capital facility agreement (the “CCH Working Capital Facility”)	—		—
Total debt - CCH	4,865		5,415

Cheniere:
Senior Notes:
4.625% due 2028	1,500		1,500
5.650% due 2034	1,500		1,500
5.200% due 2036 (the “2036 Cheniere Senior Notes”) (2)	1,000		—
6.000% due 2056 (the “2056 Cheniere Senior Notes”) (2)	750		—
Total Cheniere Senior Notes	4,750		3,000
Revolving credit agreement (the “Cheniere Revolving Credit Facility”)	—		—

Total debt - Cheniere	4,750		3,000



Total debt	23,942		22,995

Current debt, net of unamortized discount and debt issuance costs (1)	(1,606)		(306)

Unamortized discount and debt issuance costs	(193)		(182)
Total long-term debt, net of unamortized discount and debt issuance costs	$	22,143	$	22,507

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

(2)Issued in March 2026, pursuant to a base indenture dated as of the issuance date, supplemented by the first and second supplemental indentures for the 2036 Cheniere Senior Notes and 2056 Cheniere Senior Notes, respectively. See our

annual report on Form 10-K for the fiscal year ended December 31, 2025 for additional information regarding the guarantee, security and redemption option of the CEI Senior Notes.

Schedule of Line of Credit Facilities and Delayed Draw Term Loan

Below is a summary of our committed credit facilities outstanding as of March 31, 2026 (in millions):


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

Less:
Outstanding balance	—		—		—		—		—
Commitments prepaid or terminated (1)	—		—		1,150		—		—
Letters of credit issued	169		—		—		110		—
Available commitment	$	831	$	1,000	$	2,110	$	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 margin of 1.075% - 2.00% or base rate plus 0.075% - 1.00%

Commitment fees on undrawn balance (2)	0.075% - 0.30%		0.10% - 0.30%		0.525%		0.10% - 0.20%		0.090% - 0.300%
Letter of credit fees (2)	1.0% - 1.75%		1.125% - 2.0%		N/A		1.0% - 1.5%		1.075% - 2.00%
Maturity date	June 23, 2028		June 23, 2028		(3)		June 15, 2027		August 1, 2030

(1)In March 2026, we prepaid $550 million of outstanding borrowings under the CCH Credit Facility using proceeds from the issuance of the 2036 Cheniere Senior Notes and 2056 Cheniere Senior Notes and concurrently canceled $600 million of unused commitments.

(2)The margins on the interest rate, the commitment fees and the letter of credit fees are subject to change based on the applicable entity’s credit rating. The interest rate and the commitment fees of the Cheniere Revolving Credit Facility are also based on the achievement of certain methane emissions management standards.

(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 March 31,
	2026		2025
Total interest cost	$	310	$	295
Capitalized interest	(55)		(66)
Total interest expense, net of capitalized interest	$	255	$	229

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):


	March 31, 2026				December 31, 2025
	Carrying Amount (1)		Estimated Fair Value (2)		Carrying Amount (1)		Estimated Fair Value (2)
Senior notes	$	23,942	$	23,628	$	22,995	$	22,313

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

(2)As of March 31, 2026 and December 31, 2025, $3.0 billion and $3.1 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.