Sabine Pass LNG Revenue Jumps, But Net Income Dips on Higher Costs

TL;DR

**Sabine Pass is pumping out more LNG revenue, but rising costs are eating into profits, making it a mixed bag for investors.**

AI Summary

Sabine Pass Liquefaction, LLC reported total revenues of $2,355 million for the three months ended September 30, 2025, a significant increase from $2,005 million in the prior-year period. For the nine months ended September 30, 2025, total revenues reached $7,699 million, up from $6,094 million in 2024. Despite this revenue growth, net income decreased to $528 million for the three-month period, down from $648 million, and to $1,742 million for the nine-month period, compared to $1,887 million in 2024. This decline in net income was primarily driven by a substantial increase in cost of sales, which rose to $1,279 million from $772 million for the three months, and to $4,177 million from $2,397 million for the nine months. The company's total production capacity for LNG remained over 30 mtpa as of September 30, 2025. Long-term debt decreased from $8,030 million at December 31, 2024, to $6,435 million at September 30, 2025, reflecting significant debt repayments of $1,617 million during the nine-month period. The fair value of Liquefaction Supply Derivatives, a Level 3 liability, shifted from $(1,307) million at December 31, 2024, to $(1,184) million at September 30, 2025, indicating a slight improvement in the derivative position.

Why It Matters

Sabine Pass Liquefaction's revenue growth signals robust demand for LNG, a positive for the broader energy market and its parent company, Cheniere Energy Partners (CQP). However, the decline in net income due to soaring cost of sales could squeeze margins and impact investor returns, especially given the competitive landscape in global LNG. Employees might see stable operations due to high production capacity, but the increased costs could pressure future expansion or compensation. Customers benefit from consistent LNG supply, but rising production costs could eventually translate to higher prices. The significant debt reduction is a positive for financial stability, potentially improving credit ratings and reducing future interest burdens.

Risk Assessment

Risk Level: medium — The company faces medium risk due to significant exposure to commodity price volatility, as evidenced by the Level 3 Liquefaction Supply Derivatives liability of $(1,184) million at September 30, 2025. Changes in Henry Hub basis spread and international LNG pricing spread (ranging from 96% to 391% relative to Henry Hub) could materially impact fair value. Additionally, the substantial increase in cost of sales from $2,397 million to $4,177 million for the nine months ended September 30, 2025, indicates operational cost pressures that could erode profitability.

Analyst Insight

Investors should closely monitor global natural gas and LNG price movements, as these directly impact Sabine Pass's derivative valuations and profitability. Given the increased cost of sales, investors should scrutinize future filings for signs of cost control or improved operational efficiency. The significant debt reduction is a positive, but continued vigilance on debt management and interest rate exposure is warranted.

Financial Highlights

revenue

$7,699M

total Assets

$13,731M

total Debt

$7,504M

net Income

$1,742M

revenue Growth

+26.3%

Revenue Breakdown

Key Numbers

• $7.699B — Total Revenues (Increased from $6.094 billion for the nine months ended September 30, 2024)
• $1.742B — Net Income (Decreased from $1.887 billion for the nine months ended September 30, 2024)
• $4.177B — Cost of Sales (Increased significantly from $2.397 billion for the nine months ended September 30, 2024)
• $6.435B — Long-term Debt (Decreased from $8.030 billion at December 31, 2024)
• 30 mtpa — LNG Production Capacity (Total capacity as of September 30, 2025)
• $1,617M — Debt Repayments (For the nine months ended September 30, 2025)
• $528M — Net Income (3 months) (Decreased from $648 million for the three months ended September 30, 2024)
• $2,355M — Total Revenues (3 months) (Increased from $2,005 million for the three months ended September 30, 2024)
• $(1,184)M — Level 3 Liquefaction Supply Derivatives Liability (Fair value at September 30, 2025, indicating exposure to commodity price changes)
• $1,245M — Distributions (Paid during the nine months ended September 30, 2025)

Key Players & Entities

• Sabine Pass Liquefaction, LLC (company) — registrant
• Cheniere Energy Partners, L.P. (company) — parent company (CQP)
• Cheniere Energy, Inc. (company) — 48.6% owner of CQP
• Sabine Pass LNG Terminal (company) — location of liquefaction facilities
• U.S. Securities and Exchange Commission (regulator) — filing recipient
• FASB (regulator) — accounting standards setter
• Sabine Pass LNG-LP, LLC (company) — sole member of Sabine Pass Liquefaction, LLC
• Cameron Parish, Louisiana (location) — location of Sabine Pass LNG Terminal
• Henry Hub (market) — natural gas pricing benchmark
• Bloomberg (company) — publisher

FAQ

Risk Factors

• Commodity Price Volatility [high — market]: The fair value of Liquefaction Supply Derivatives, a Level 3 liability, shifted from $(1,307) million at December 31, 2024, to $(1,184) million at September 30, 2025. This indicates exposure to commodity price changes, with volatility assumptions influenced by global LNG market pricing, geopolitical incidents, and climate events.
• Interest Rate Fluctuations [medium — financial]: Interest expense, net of capitalized interest, was $(299) million for the nine months ended September 30, 2025, down from $(378) million in the prior year. While this shows a decrease, fluctuations in interest rates can impact financing costs.
• Operational Disruptions [medium — operational]: The company's operations are subject to potential disruptions from events impacting global energy infrastructure. The volatility assumptions for derivatives consider the impact of otherwise rare events unless deemed within the company's control.
• Regulatory Compliance [medium — regulatory]: As an energy company, Sabine Pass Liquefaction is subject to various environmental and safety regulations. While not explicitly detailed in this excerpt, compliance with evolving regulations is a constant factor.
• Debt Management [medium — financial]: Long-term debt decreased significantly from $8,030 million at December 31, 2024, to $6,435 million at September 30, 2025, with $1,617 million in repayments. Continued debt management is crucial for financial health.

Industry Context

The LNG market is characterized by significant global demand, driven by energy security needs and the transition to cleaner fuels. Sabine Pass Liquefaction operates within this dynamic environment, facing competition from other liquefaction facilities and subject to global commodity price fluctuations. Infrastructure development and regulatory landscapes are key factors influencing growth and operational efficiency.

Regulatory Implications

As a major LNG exporter, Sabine Pass Liquefaction is subject to stringent environmental, safety, and trade regulations. Changes in international trade policies, emissions standards, and permitting processes could impact operations and market access. Compliance with these evolving regulations is critical for sustained operations and market competitiveness.

What Investors Should Do

1. Monitor Cost of Sales Trends
2. Analyze Derivative Valuation Changes
3. Track Debt Reduction Progress
4. Evaluate Affiliate Revenue and Costs

Key Dates

• 2025-09-30: Quarter and Nine-Month Period End — Reporting period for the financial results, including revenue, net income, and debt levels.
• 2024-12-31: Prior Fiscal Year End — Benchmark for comparing year-to-date changes in debt and derivative liabilities.

Glossary

Liquefaction Supply Derivatives

Financial instruments used to hedge against fluctuations in natural gas and LNG prices, impacting the company's financial results. (These are Level 3 liabilities, meaning their valuation relies on significant unobservable inputs, making them sensitive to market volatility and requiring careful management.)

Level 3 Liability

A financial liability whose value is determined using pricing models or valuation techniques that employ inputs not quoted in active markets and are not based on observable market data. (Indicates a higher degree of estimation and uncertainty in the valuation of the derivative instruments, making them a key area of focus for risk assessment.)

mtpa

Million tonnes per annum, a standard unit for measuring the production capacity of liquefied natural gas (LNG) facilities. (Indicates the scale of Sabine Pass Liquefaction's operations, with a capacity of over 30 mtpa.)

Affiliate

A company that is related to another company through common ownership or control, often involving intercompany transactions. (Significant revenue and cost components are derived from or allocated to affiliates, highlighting the interconnectedness of operations within the Cheniere group.)

Year-Over-Year Comparison

Sabine Pass Liquefaction reported strong revenue growth for the nine months ended September 30, 2025, with total revenues increasing by 26.3% to $7.699 billion compared to $6.094 billion in the prior year. However, net income saw a decline of 7.7% to $1.742 billion from $1.887 billion, primarily due to a substantial 74.2% increase in the cost of sales. Long-term debt has been significantly reduced by $1.617 billion, indicating a focus on deleveraging. The fair value of Level 3 derivative liabilities has slightly improved, moving from $(1,307) million to $(1,184) million.

Filing Documents

• spl-20250930.htm (10-Q) — 1026KB
• exhibit311splq32025form10q.htm (EX-31.1) — 9KB
• exhibit312splq32025form10q.htm (EX-31.2) — 10KB
• exhibit321splq32025form10q.htm (EX-32.1) — 4KB
• exhibit322splq32025form10q.htm (EX-32.2) — 4KB
• 0001499200-25-000013.txt ( ) — 5613KB
• spl-20250930.xsd (EX-101.SCH) — 43KB
• spl-20250930_cal.xml (EX-101.CAL) — 43KB
• spl-20250930_def.xml (EX-101.DEF) — 224KB
• spl-20250930_lab.xml (EX-101.LAB) — 425KB
• spl-20250930_pre.xml (EX-101.PRE) — 311KB
• spl-20250930_htm.xml (XML) — 957KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements

Financial Statements 2 2 Balance Sheets 3 4 5

Notes to Financial Statements

Notes to Financial Statements 6 Note 1—Nature of Operations and Basis of Presentation 6 Note 2—Trade and Other Receivables, Net of Current Expected Credit Losses 7 Note 3—Inventory 7 Note 4—Property, Plant and Equipment, Net of Accumulated Depreciation 7 Note 5—Derivative Instruments 7 Note 6—Accrued Liabilities 10 Note 7—Debt 11 Note 8—Revenues 12 Note 9—Related Party Transactions 14 Note 10—Segment Information and Customer Concentration 15 Note 11—Supplemental Cash Flow Information 15 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 23 Item 4.

Controls and Procedures

Controls and Procedures 23

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 24 Item 1A.

Risk Factors

Risk Factors 24 Item 6. Exhibits 24

Signatures

Signatures 25 i Table of Contents DEFINITIONS As used in this quarterly report, the terms listed below have the following meanings: Common Industry and Other Terms ASU Accounting Standards Update DOE U.S. Department of Energy EPC engineering, procurement and construction FASB Financial Accounting Standards Board FERC Federal Energy Regulatory Commission FID final investment decision FTA countries countries with which the United States has a free trade agreement providing for national treatment for trade in natural gas GAAP generally accepted accounting principles in the United States Henry Hub the final settlement price (in U.S. dollars per MMBtu) for the New York Mercantile Exchange's Henry Hub natural gas futures contract for the month in which a relevant cargo's delivery window is scheduled to begin IPM agreement integrated production marketing agreement in which the gas producer sells to us gas on a global LNG or natural gas index price, less a fixed liquefaction fee, shipping and other costs LNG liquefied natural gas, a product of natural gas that, through a refrigeration process, has been cooled to a liquid state, which occupies a volume that is approximately 1/600th of its gaseous state MMBtu million British thermal units; one British thermal unit measures the amount of energy required to raise the temperature of one pound of water by one degree Fahrenheit mtpa million tonnes per annum non-FTA countries countries with which the United States does not have a free trade agreement providing for national treatment for trade in natural gas and with which trade is permitted SEC U.S. Securities and Exchange Commission SOFR Secured Overnight Financing Rate SPA LNG sale and purchase agreement TBtu trillion British thermal units; one British thermal unit measures the amount of energy required to raise the temperature of one pound of water by one degree Fahrenheit Train an industrial facility comprised of a series of refrigerant compre

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS SABINE PASS LIQUEFACTION, LLC (in millions) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenues LNG revenues $ 1,837 $ 1,479 $ 5,961 $ 4,653 LNG revenues—affiliate 518 526 1,738 1,441 Total revenues 2,355 2,005 7,699 6,094 Operating costs and expenses Cost of sales (excluding operating and maintenance expense and depreciation and amortization expense shown separately below) 1,279 772 4,177 2,397 Cost of sales—affiliate 12 14 38 42 Operating and maintenance expense 161 168 592 517 Operating and maintenance expense—affiliate 121 121 368 365 Operating and maintenance expense—related party — 15 28 44 General and administrative expense 1 — 4 3 General and administrative expense—affiliate 16 16 48 47 Depreciation and amortization expense 142 140 423 419 Other operating costs and expenses — — — 1 Total operating costs and expenses 1,732 1,246 5,678 3,835 Income from operations 623 759 2,021 2,259 Other income (expense) Interest expense, net of capitalized interest ( 91 ) ( 114 ) ( 299 ) ( 378 ) Loss on modification or extinguishment of debt ( 7 ) — ( 7 ) ( 3 ) Other income, net 2 3 7 9 Other income—affiliate 1 — 20 — Total other expense ( 95 ) ( 111 ) ( 279 ) ( 372 ) Net income $ 528 $ 648 $ 1,742 $ 1,887 The accompanying notes are an integral part of these financial statements. 2 Table of Contents SABINE PASS LIQUEFACTION, LLC BALANCE SHEETS (in millions) (unaudited) September 30, December 31, 2025 2024 ASSETS Current assets Restricted cash and cash equivalents $ 43 $ 109 Trade and other receivables, net of current expected credit losses 353 373 Trade receivables—affiliate 211 161 Trade receivables, net of current expected credit losses—related party — 1 Advances to affiliates 135 98 Inventory 127 131 Current derivative assets 16 84 Prepaid expenses 37 28 Other current assets, net 20 23 Other current

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS (unaudited) 7 NOTE 1— NATURE OF OPERATIONS AND BASIS OF PRESENTATION We are a Delaware limited liability company formed by CQP and based in Houston with one member, Sabine Pass LNG-LP, LLC, an indirect wholly owned subsidiary of CQP. We are an indirect wholly owned subsidiary of Cheniere Investments, which is a wholly owned subsidiary of CQP, a publicly traded limited partnership (NYSE MKT: CQP). CQP is a 48.6 % owned subsidiary of Cheniere, a Houston-based energy company primarily engaged in LNG-related businesses. Cheniere also owns 100 % of the general partner interest in CQP through ownership in Cheniere Energy Partners GP, LLC. We own natural gas liquefaction facilities with total production capacity of over 30 mtpa of LNG as of September 30, 2025 (the "Liquefaction Project" ) at a natural gas liquefaction and export facility located in Cameron Parish, Louisiana at Sabine Pass (the "Sabine Pass LNG Terminal" ). The Sabine Pass LNG Terminal also has five LNG storage tanks and three marine berths owned and operated by SPLNG, a subsidiary of CQP, and a 94 -mile natural gas supply pipeline owned and operated by CTPL, a subsidiary of CQP. Another subsidiary of CQP is developing an expansion project to provide additional liquefaction capacity adjacent to the Liquefaction Project and is commercializing to support the additional liquefaction capacity associated with this potential expansion project. We do not have employees and thus we have various services agreements with affiliates of Cheniere in the ordinary course of business, including services required to construct, operate and maintain the Liquefaction Project, and administrative services. See Note 9—Related Party Transactions for additional details of the activity under these services agreements during the three and nine months ended September 30, 2025 and 2024. Basis of Presentation The accompanying unaudited Financial Statements of SPL have been prepared in accor

NOTES TO FINANCIAL STATEMENTS—CONTINUED

NOTES TO FINANCIAL STATEMENTS—CONTINUED (unaudited) NOTE 2— TRADE AND OTHER RECEIVABLES, NET OF CURRENT EXPECTED CREDIT LOSSES Trade and other receivables, net of current expected credit losses, consisted of the following (in millions): September 30, December 31, 2025 2024 Trade receivables $ 325 $ 367 Other receivables 28 6 Total trade and other receivables, net of current expected credit losses $ 353 $ 373 NOTE 3— INVENTORY Inventory consisted of the following (in millions): September 30, December 31, 2025 2024 Materials $ 99 $ 95 Natural gas 16 22 LNG 11 13 Other 1 1 Total inventory $ 127 $ 131 NOTE 4— PROPERTY, PLANT AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION Property, plant and equipment, net of accumulated depreciation consisted of the following (in millions): September 30, December 31, 2025 2024 LNG terminal Terminal $ 16,537 $ 16,387 Construction-in-process 77 125 Accumulated depreciation ( 4,070 ) ( 3,652 ) Total LNG terminal, net of accumulated depreciation 12,544 12,860 Fixed assets Fixed assets 20 20 Accumulated depreciation ( 15 ) ( 15 ) Total fixed assets, net of accumulated depreciation 5 5 Property, plant and equipment, net of accumulated depreciation $ 12,549 $ 12,865 Depreciation expense was $ 141 million and $ 139 million during the three months ended September 30, 2025 and 2024, respectively, and $ 420 million and $ 415 million during the nine months ended September 30, 2025 and 2024, respectively. NOTE 5— DERIVATIVE INSTRUMENTS We have commodity derivatives consisting of natural gas supply contracts, including our IPM agreement, for the operation of the Liquefaction Project and expansion project, as well as the associated economic hedges (collectively, the "Liquefaction Supply Derivatives" ). 7 Table of Contents SABINE PASS LIQUEFACTION, LLC

NOTES TO FINANCIAL STATEMENTS—CONTINUED

NOTES TO FINANCIAL STATEMENTS—CONTINUED (unaudited) The following table shows the fair value of our derivative instruments that are required to be measured at fair value on a recurring basis, distinguished by the fair value hierarchy levels prescribed by GAAP (in millions): Fair Value Measurements as of September 30, 2025 December 31, 2024 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Liquefaction Supply Derivatives asset (liability) $ — $ 6 $ ( 1,184 ) $ ( 1,178 ) $ — $ 26 $ ( 1,307 ) $ ( 1,281 ) We value the Liquefaction Supply Derivatives using a market or option-based approach incorporating present value techniques, as needed, which incorporates observable commodity price curves, when available, and other relevant data. We include a significant portion of the Liquefaction Supply Derivatives as Level 3 within the valuation hierarchy as the fair value is developed through the use of internal models, which incorporate significant unobservable inputs. In instances where observable data is unavailable, consideration is given to the assumptions that market participants may use in valuing the asset or liability. To the extent valued using an option pricing model, we consider the future prices of energy units for unobservable periods to be a significant unobservable input to estimated net fair value. In estimating the future prices of energy units, we make judgments about market risk related to liquidity of commodity indices and volatility utilizing available market data. Changes in facts and circumstances or additional information may result in revised estimates and judgments, and actual results may differ from these estimates and judgments. We derive our volatility assumptions based on observed historical settled global LNG mark

NOTES TO FINANCIAL STATEMENTS—CONTINUED

NOTES TO FINANCIAL STATEMENTS—CONTINUED (unaudited) The following table shows the changes in the fair value of the Level 3 Liquefaction Supply Derivatives (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Balance, beginning of period $ ( 1,147 ) $ ( 1,495 ) $ ( 1,307 ) $ ( 1,676 ) Realized and change in fair value gains (losses) included in net income (1): Included in cost of sales, existing deals (2) ( 93 ) 46 ( 7 ) 163 Included in cost of sales, new deals (3) ( 2 ) 2 ( 12 ) 17 Purchases and settlements: Purchases (4) — — — — Settlements (5) 60 69 147 119 Transfers out of level 3 (6) ( 2 ) 2 ( 5 ) 1 Balance, end of period $ ( 1,184 ) $ ( 1,376 ) $ ( 1,184 ) $ ( 1,376 ) Favorable (unfavorable) changes in fair value relating to instruments still held at the end of the period $ ( 95 ) $ 48 $ ( 19 ) $ 180 (1) Does not include the realized value associated with derivative instruments that settle through physical delivery, as settlement is equal to the contractually fixed price from trade date multiplied by contractual volume. See settlements line item in this table. (2) Impact to earnings on deals that existed at the beginning of the period and continue to exist at the end of the period. (3) Impact to earnings on deals that were entered into during the reporting period and continue to exist at the end of the period. (4) Includes any day one gain (loss) recognized during the reporting period on deals that were entered into during the reporting period, which continue to exist at the end of the period. (5) Roll-off in the current period of amounts recognized in our Balance Sheets at the end of the previous period due to settlement of the underlying instruments in the current period. (6) Transferred out of Level 3 as a result of observable market for the underlying natural gas purchase agreements . Liquefaction Supply Derivatives We hold Liquefaction Supply Derivatives, which are indexed to Henr

NOTES TO FINANCIAL STATEMENTS—CONTINUED

NOTES TO FINANCIAL STATEMENTS—CONTINUED (unaudited) The following table shows the fair value and location of the Liquefaction Supply Derivatives on our Balance Sheets (in millions): Fair Value Measurements as of Balance Sheets Location September 30, 2025 December 31, 2024 Current derivative assets $ 16 $ 84 Derivative assets 14 98 Total derivative assets 30 182 Current derivative liabilities ( 139 ) ( 250 ) Derivative liabilities ( 1,069 ) ( 1,213 ) Total derivative liabilities ( 1,208 ) ( 1,463 ) Derivative liability, net $ ( 1,178 ) $ ( 1,281 ) Balance Sheets Presentation The following table reconciles the fair value of our derivative assets and liabilities on a gross basis, by contract, to net amounts as presented on our Balance Sheets after offsetting for any balances with the same counterparty under master netting arrangements or other relevant netting criteria under GAAP (in millions): Liquefaction Supply Derivatives September 30, 2025 December 31, 2024 Gross assets $ 242 $ 228 Offsetting amounts ( 212 ) ( 46 ) Net assets $ 30 $ 182 Gross liabilities $ ( 1,224 ) $ ( 1,464 ) Offsetting amounts 16 1 Net liabilities $ ( 1,208 ) $ ( 1,463 ) We had a collateral balance of $ 14 million and $ 13 million that was recorded within other current assets, net, and not netted on our Balance Sheets, as of September 30, 2025 and December 31, 2024, respectively. NOTE 6— ACCRUED LIABILITIES Accrued liabilities consisted of the following (in millions): September 30, December 31, 2025 2024 Natural gas purchases $ 415 $ 558 Liquefaction Project costs 72 79 Interest costs and related debt fees 51 81 Other accrued liabilities 29 7 Total accrued liabilities $ 567 $ 725 10 Table of Contents SABINE PASS LIQUEFACTION, LLC

NOTES TO FINANCIAL STATEMENTS—CONTINUED

NOTES TO FINANCIAL STATEMENTS—CONTINUED (unaudited) NOTE 7— DEBT Debt consisted of the following (in millions): September 30, December 31, 2025 2024 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 Senior Secured Notes 7,080 8,432 Revolving credit and guaranty agreement (the "Revolving Credit Facility" ) — — Total debt 7,080 8,432 Current debt, net of unamortized discount and debt issuance costs (1) ( 605 ) ( 351 ) Unamortized discount and debt issuance costs ( 40 ) ( 51 ) Total long-term debt, net of unamortized discount and debt issuance costs $ 6,435 $ 8,030 (1) Includes notes that amortize based on a fixed amortization schedule as set forth in their respective indentures. Revolving Credit Facility Below is a summary of our Revolving Credit Facility as of September 30, 2025 (in millions): Revolving Credit Facility Total facility size $ 1,000 Less: Outstanding balance — Letters of credit issued 185 Available commitment $ 815 Priority ranking Senior secured Interest rate on available balance (1) SOFR plus credit spread adjustment of 0.1 %, plus margin of 1.0 % - 1.75 % or base rate plus 0.0 % - 0.75 % Commitment fees on undrawn balance (1) 0.075 % - 0.30 % Letter of credit fees (1) 1.0 % - 1.75 % Maturity date June 23, 2028 (1) The margin on the interest rate, the commitment fees and the letter of credit fees is subject to change based on our credit rating

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