XM Radio 2015 Annual Report Download - page 114

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Issuer /
Borrower Issued Debt
Maturity
Date
Interest
Payable
Principal
Amount at
December 31,
2015
December 31,
2015
December 31,
2014
Carrying value(a) at
Sirius XM(b)(d) . . . August 2012 5.25% Senior
Secured Notes (the
“5.25% Notes”)
August 15,
2022
semi-annually
on February 15
and August 15
400,000 395,675 395,147
Sirius XM(e) ..... December
2012
Senior Secured
Revolving Credit
Facility (the “Credit
Facility”)
June 16,
2020
variable fee
paid quarterly
1,750,000 340,000 380,000
Sirius XM. ...... Various Capital leases Various n/a n/a 12,892 12,754
Total Debt ......................................... 5,455,533 4,501,345
Less: total current maturities ................... 4,764 7,482
Less: total deferred financing costs for Notes . . . 7,155 6,444
Total long-term debt ............................... $5,443,614 $4,487,419
(a) The carrying value of the obligations is net of any remaining unamortized original issue discount.
(b) Substantially all of our domestic wholly-owned subsidiaries have guaranteed these notes.
(c) In March 2015, Sirius XM issued $1,000,000 aggregate principal amount of 5.375% Senior Notes
due 2025, with an original issuance discount of $11,250.
(d) The liens securing the 5.25% Notes are equal and ratable to the liens granted to secure the
Credit Facility.
(e) In December 2012, Sirius XM entered into a five-year Credit Facility with a syndicate of financial
institutions for $1,250,000. In June 2015, Sirius XM entered into an amendment to increase the
total borrowing capacity under the Credit Facility to $1,750,000 and to extend the maturity to
June 2020. Sirius XM’s obligations under the Credit Facility are guaranteed by certain of its
material domestic subsidiaries and are secured by a lien on substantially all of Sirius XM’s
assets and the assets of its material domestic subsidiaries. Interest on borrowings is payable on
a monthly basis and accrues at a rate based on LIBOR plus an applicable rate. Sirius XM is
also required to pay a variable fee on the average daily unused portion of the Credit Facility
which is payable on a quarterly basis. The variable rate for the unused portion of the Credit
Facility was 0.30% per annum as of December 31, 2015. As of December 31, 2015, $1,410,000
was available for future borrowing under the Credit Facility. Sirius XM’s outstanding borrowings
under the Credit Facility are classified as Long-term debt within our consolidated balance sheets
due to the long-term maturity of this debt.
Retired and Converted Debt
During the year ended December 31, 2014, $502,370 in principal amount of the Exchangeable
Notes were converted, resulting in the issuance of 272,856 shares of our common stock. No loss
was recognized as a result of this conversion.
During the year ended December 31, 2013, we purchased $800,000 of our then outstanding
8.75% Senior Notes due 2015, for an aggregate purchase price, including premium and interest, of
$927,860. We recognized $104,818 to Loss on extinguishment of debt and credit facilities, net,
consisting primarily of unamortized discount, deferred financing fees and repayment premium, as a
result of this transaction.
During the year ended December 31, 2013, we also purchased $700,000 of our then
outstanding 7.625% Senior Notes due 2018, for an aggregate purchase price, including premium
F-23
SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Dollars and shares in thousands, except per share amounts)