Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt consisted of the following (in millions):



	March 31,		December 31,
	2025		2024
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 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	4,865		4,865



Unamortized discount and debt issuance costs	(34)		(35)
Total long-term debt, net of unamortized discount and debt issuance costs	$	4,831	$	4,830

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

Schedule of Line of Credit Facilities

Below is a summary of our credit facilities outstanding as of March 31, 2025 (in millions):


	CCH Credit Facility		CCH Working Capital Facility
Total facility size	$	3,260	$	1,500

Less:
Outstanding balance	—		—

Letters of credit issued	—		110
Available commitment	$	3,260	$	1,390

Priority ranking	Senior secured		Senior secured
Interest rate on available balance (1)	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%

Commitment fees on undrawn balance (1)	0.525%		0.10% - 0.20%
Letter of credit fees (1)	N/A		1.0% - 1.5%
Maturity date	(2)		June 15, 2027

(1)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.

(2)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,
		2025		2024
Total interest cost		$	54	$	77
Capitalized interest		(50)		(40)
Total interest expense, net of capitalized interest		$	4	$	37

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, 2025				December 31, 2024
	Carrying Amount		Estimated Fair Value (1)		Carrying Amount		Estimated Fair Value (1)
Senior Secured Notes	$	4,865	$	4,493	$	4,865	$	4,441

(1)As of March 31, 2025 and December 31, 2024, $1.8 billion and $1.7 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.

Cheniere Corpus Christi Holdings, LLC 10-Q