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v3.25.3

Debt | 9 Months Ended
--- | ---
Sep. 30, 2025
Debt Disclosure [Abstract] |
Debt | DEBT Debt consisted of the following (in millions):
|  | September 30, |  | December 31,
|  | 2025 |  | 2024
SPL: |  |  |  |
Senior Secured Notes: |  |  |  |
5.625% due 2025 |  | $ | — |  |  | $ | 300 |
5.875% due 2026 |  | 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 |
due 2037 with weighted average rate of 4.747% and 4.746% at September 30, 2025 and December 31, 2024, respectively (1) |  | 1,730 |  |  | 1,782 |
Total SPL Senior Secured Notes |  | 7,080 |  |  | 8,432 |
Revolving credit and guaranty agreement (the “SPL Revolving Credit Facility”) |  | — |  |  | — |
Total debt - SPL |  | 7,080 |  |  | 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 |
5.550% due 2035 (2) |  | 1,000 |  |  | — |
Total CQP Senior Notes |  | 7,800 |  |  | 6,800 |
Revolving credit and guaranty agreement (the “CQP Revolving Credit Facility”) |  | — |  |  | — |
Total debt - CQP |  | 7,800 |  |  | 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 (1) |  | 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”) |  | — |  |  | — |
Total debt - Cheniere |  | 3,000 |  |  | 3,000 |
Total debt |  | 22,745 |  |  | 23,097 |
Current debt, net of unamortized discount and debt issuance costs (1) |  | (605) |  |  | (351) |
Unamortized discount and debt issuance costs |  | (183) |  |  | (192) |
Total long-term debt, net of unamortized discount and debt issuance costs |  | $ | 21,957 |  |  | $ | 22,554 |
(1)Includes notes that amortize based on a fixed amortization schedule as set forth in their respective indentures. (2)Issued in July 2025 pursuant to the same base indenture as the other CQP Senior Notes, as supplemented by the tenth supplemental indenture. See annual report on Form 10-K for the fiscal year ended December 31, 2024 for additional information regarding the guarantee, security and redemption option of CQP Senior Notes. Credit Facilities Below is a summary of our committed credit facilities outstanding as of September 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 |  |  |  |  |  |  |  | 185 |  |  | — |  |  | — |  |  | 110 |  |  | — |  |  |
Available commitment |  |  |  |  |  |  |  | $ | 815 |  |  | $ | 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 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% - 0.290% |  |
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 August 2025, we entered into an amendment and restatement of the Cheniere Revolving Credit Facility, resulting in an extended maturity date, reduced rate of interest and commitment fees applicable thereunder and certain other changes to terms and conditions. (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. 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. Restrictive Debt Covenants The agreements governing our and our subsidiaries’ indebtedness contain customary terms and events of default and certain covenants that, among other things, may limit our and our subsidiaries’ ability to make certain investments or pay dividends or distributions. For example, SPL and CCH are restricted from making distributions under agreements governing their respective indebtedness generally until, among other requirements, appropriate reserves have been established for debt service using cash or letters of credit and a historical and projected debt service coverage ratio of at least 1.25:1.00 is satisfied. As of September 30, 2025, we were, and each of our subsidiaries was, in compliance with all covenants related to our respective debt agreements. Interest Expense Total interest expense, net of capitalized interest, consisted of the following (in millions):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Total interest cost |  | $ | 301 |  |  | $ | 304 |  |  | $ | 894 |  |  | $ | 924 |  |  |
Capitalized interest |  | (65) |  |  | (57) |  |  | (192) |  |  | (154) |  |  |
Total interest expense, net of capitalized interest |  | $ | 236 |  |  | $ | 247 |  |  | $ | 702 |  |  | $ | 770 |  |  |
Fair Value Disclosures The following table shows the carrying amount and estimated fair value of our senior notes (in millions):
|  | September 30, 2025 |  | December 31, 2024
|  | Carrying Amount (1) |  | Estimated Fair Value (2) |  | Carrying Amount (1) |  | Estimated Fair Value (2)
Senior notes |  | $ | 22,745 |  |  | $ | 22,513 |  |  | $ | 23,097 |  |  | $ | 22,220 |
(1)Carrying amounts exclude unamortized discount and debt issuance costs. (2)As of September 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. The estimated fair value of our credit facilities approximates the principal amount outstanding because the interest rates are indexed to market rates and the debt may be repaid, in full or in part, at any time without penalty.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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