XM Radio 2012 Annual Report Download - page 112

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SIRIUS XM RADIO INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(11) Investments
Long Term Restricted Investments
Restricted investments relate to reimbursement obligations under letters of credit issued for the benefit of
lessors of our office space. As of December 31, 2012 and 2011, our Long-term restricted investments were
$3,999 and $3,973, respectively. During the year ended December 31, 2011, $250 of obligations relating to these
letters of credit were terminated and a new letter of credit agreement was entered into for $826 for additional
space.
Auction Rate Certificates
Auction rate certificates are long-term securities structured to reset their coupon rates by means of an
auction. We accounted for our investment in auction rate certificates as available-for-sale securities. In January
2010, our investment in the auction rate certificates was called by the issuer at par plus accrued interest, or
$9,456, resulting in a gain of $425 in the year ended December 31, 2010.
(12) Debt
Our debt consists of the following:
Conversion
Price
(per share)
December 31,
2012
December 31,
2011
8.75% Senior Notes due 2015 ..................... N/A $ 800,000 $ 800,000
Less: discount .............................. (7,056) (9,753)
9.75% Senior Secured Notes due 2015 .............. N/A — 257,000
Less: discount .............................. — (8,356)
13% Senior Notes due 2013 ....................... N/A — 778,500
Less: discount .............................. — (39,504)
7% Exchangeable Senior Subordinated Notes due
2014 ....................................... $1.841 550,000 550,000
Less: discount .............................. (4,112) (5,956)
7.625% Senior Notes due 2018 .................... N/A 700,000 700,000
Less: discount .............................. (9,647) (10,898)
5.25% Senior Notes due 2022 ..................... N/A 400,000 —
Less: discount .............................. (5,826) —
Other debt:
Capital leases .................................. N/A 11,861 2,941
Total debt ....................................... 2,435,220 3,013,974
Less: total current maturities non-related party ........ 4,234 1,623
Total long-term ................................... 2,430,986 3,012,351
Less: related party .............................. 208,906 328,788
Total long-term, excluding related party ............... $2,222,080 $2,683,563
8.75% Senior Notes due 2015
In March 2010, we issued $800,000 aggregate principal amount of 8.75% Senior Notes due 2015 (the
“8.75% Notes”). Interest is payable semi-annually in arrears on April 1 and October 1 of each year at a rate of
F-26