New Credit Facility For Sirius XM
December 5, 2012 at 10:05 AM (PT)
SIRIUS XM RADIO INC. has entered into a new $1.25 billion five-year senior secured revolving credit facility. The new facility is being secured by substantially all the assets of the company and its subsidiaries.
J.P. MORGAN BANK, N.A. served as Administrative Agent; Bookrunners include J.P. MORGAN SECURITIES LLC, MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, CITIGROUP GLOBAL MARKETS INC., DEUTSCHE BANK SECURITIES INC., MORGAN STANLEY MUFG LOAN PARTNERS, LLC, BARCLAYS BANK PLC, BNP PARIBAS SECURITIES CORP., CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, RBC CAPITAL MARKETS, RBS SECURITIES INC., SUNTRUST ROBINSON HUMPHREY, INC., and WELLS FARGO SECURITIES LLC.
"SIRIUS XM's credit quality has rapidly improved and we are pleased that the bank market has recognized that fact by oversubscribing the deal, allowing us to upsize the facility to $1.25 billion. This new facility will allow us to continue to drive down average borrowing costs and more tightly manage cash and debt balances and it further strengthens our balance sheet by providing a substantial and readily available source of liquidity for strategic opportunities, including the return of capital to shareholders and acquisitions," said SIRIUS XM CFO DAVID FREAR.