SiriusXM Amends Revolving Credit Facility, Increases To $1.75 Billion
June 16, 2015 at 2:18 PM (PT)
SIRIUS XM RADIO INC. has amended its revolving credit facility to increase its total commitments from $1.25 billion to $1.75 billion and extend the maturity to 2020, secured by "substantially all the assets" of the company. The facility was not drawn upon at closing.
J.P. MORGAN CHASE BANK, N.A. served as Administrative Agent. J.P. MORGAN SECURITIES LLC served as a Joint Bookrunner along with MERRILL LYNCH, PIERCE, FENNER & SMITH, INC., BARCLAYS BANK PLC, BMO CAPITAL MARKETS CORP., BNP PARIBAS SECURITIES CORP., MORGAN STANLEY MUFG LOAN PARTNERS, LLC, CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, CITIGROUP GLOBAL MARKETS INC., DEUTSCHE BANK SECURITIES INC., GOLDMAN SACHS, MIZUHO BANK, LTD., RBC CAPITAL MARKETS, SCOTIABANK, SUNTRUST ROBINSON HUMPHREY, INC., U.S. BANCORP INVESTMENTS INC., and WELLS FARGO SECURITIES LLC.
CFO DAVID FREAR said, "SIRIUSXM's financial strength has continued to rapidly improve and we are pleased that the bank market has recognized that fact allowing us to increase the facility size by 40% while improving terms and extending the maturity. This amended facility allows us to continue to tightly manage our cash and debt balances while providing a substantial and readily available source of liquidity for strategic opportunities, including the return of capital to shareholders and acquisitions."