Sirius XM Holdings Inc. announced that its subsidiary, Sirius XM Radio Inc., has entered into an amendment to its existing senior secured revolving credit facility with a syndicate of banks and other financial institutions to increase total commitments from $1.25 billion to $1.75 billion and extend the maturity to 2020, among other things. The amended facility is secured by substantially all the assets of Sirius XM Radio Inc. and its subsidiaries and was not drawn upon at closing. The company will use borrowings under its facility for working capital and other general corporate purposes, including without limitation, share repurchases, dividends and the financing of acquisitions.
JPMorgan Chase Bank, N.A. acted as Administrative Agent. J.P. Morgan Securities LLC acted as a Joint Bookrunner along with Merrill Lynch, Pierce, Fenner & Smith Incorporated, 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.
"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," noted David Frear, Chief Financial Officer, SiriusXM.
Sirius XM Holdings Inc. is the world's largest radio broadcaster measured by revenue and has more than 27.7 million subscribers. SiriusXM creates and broadcasts commercial-free music; premier sports talk and live events; comedy; news; exclusive talk and entertainment; and the most comprehensive Latin music, sports and talk programming in radio. SiriusXM is available in vehicles from every major car company in the U.S. and on smartphones and other connected devices as well as online at siriusxm.com.