Sirius Gets $250 Million Term Loan From Morgan Stanley
June 5, 2007 at 2:26 PM (PT)
SIRIUS SATELLITE RADIO today announced that it has obtained a $250 million senior secured term loan commitment from MORGAN STANLEY SENIOR FUNDING INC. The facility will mature in 5 1/2 years and have covenants substantially similar to those under the company's existing 9 5/8% Senior Notes. The proceeds will be used for general corporate purposes.
"This transaction takes advantage of favorable market conditions and significantly strengthens our balance sheet," said SIRIUS EVP/CFO DAVID FREAR.