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Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt consisted of the following (in thousands):


	December 31, 2023
Senior Secured Notes and Loans:
6.67% Senior Secured Notes due 2033	$	700,000
6.72% Senior Secured Loans due 2033	356,000
7.11% Senior Secured Loans due 2047	251,000
Total Senior Secured Notes and Loans	1,307,000
Credit Facilities:
CD Credit Facility	484,000
TCF Credit Facility	59,000
Total debt	1,850,000
Unamortized debt issuance costs	(33,699)
Total non-current debt, net of unamortized debt issuance costs	$	1,816,301

Schedule of Maturities of Long-Term Debt


Years Ending December 31,	Principal Payments
2024 - 2028	$	—
Thereafter	1,850,000
Total	$	1,850,000

Schedule of Line of Credit Facilities

Below is a summary of our committed credit facilities as of December 31, 2023 (in thousands):


	CD Senior Working Capital Facility (1)		CD Credit Facility (1)		TCF Credit Facility (2)
Total facility size	$	500,000	$	9,730,000	$	800,000
Less:
Outstanding balance	—		484,000		59,000
Letters of credit issued	47,662		—		—
Available commitment	$	452,338	$	9,246,000	$	741,000

Priority ranking	Senior secured		Senior secured		Senior secured
Interest rate on outstanding balance	SOFR plus margin of 2.25%		SOFR plus margin of 2.25%		SOFR plus margin of 2.25%
Commitment fees on undrawn balance	0.68 %		0.68 %		0.68 %
Maturity date	July 12, 2030		July 12, 2030		July 12, 2030

(1)The obligations of Rio Grande under the CD Senior Working Capital Facility and CD Credit Facility are secured by substantially all of the assets of Rio Grande as well as a pledge of all of the membership interests in Rio Grande on a first-priority basis, pari passu with the Senior Secured Notes, the Senior Secured Loans and the loans made under the TCF Credit Facility.

(2)The obligations of Rio Grande under the TCF Credit Agreement are secured by substantially all of the assets of Rio Grande as well as a pledge of all of the membership interests in Rio Grande on a first-priority basis, pari passu with the Senior Secured Notes, the Senior Secured Loans and the loans made under the CD Credit Agreement. Total Energies Holdings SAS (“Total Holdings”) provides contingent credit support to the lenders under the TCF Credit Agreement to pay past due amounts owing from Rio Grande under the agreement upon demand.

Interest Income and Interest Expense Disclosure

Total interest expense, net of capitalized interest, consisted of the following (in thousands):


	Year Ended December 31,
	2023
Interest cost of non-current debt
Interest per contractual rate	$	43,268
Amortization of debt issuance costs	41,390
Total interest cost	84,658
Capitalized interest	(34,373)
Total interest expense, net of capitalized interest	$	50,285

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table shows the carrying amount and estimated fair value of our debt (in thousands):


	December 31, 2023
	Carrying Value		Fair Value
Senior Secured Notes	$	700,000	$	743,593
Senior Secured Loans	607,000		632,998