Sirius XM extends $1.75 billion revolver to 2023, reduces pricing

By Marisa Wong

Morgantown, W.Va., July 3 – Sirius XM Holdings Inc. subsidiary Sirius XM Radio Inc. amended on June 29 its existing $1.75 billion senior secured revolving credit facility with JPMorgan Chase Bank, NA as administrative agent to, among other things, extend the maturity of the existing facility to June 29, 2023, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also modifies the pricing grid to reduce interest rates and commitment fees upon attaining specified leverage levels. The applicable margin for Libor (or CDOR) loans now ranges from 150 basis points to 175 bps, reduced from 150 bps to 225 bps previously.

In addition, the amendment increases the uncommitted incremental facilities to $2 billion from $1 billion and related debt and lien basket capacity correspondingly, increases the thresholds for cross-default and judgment default events of default to $300 million from $150 million and adds the ability to borrow in Canadian dollars up to a C$250 million sublimit, with Canadian borrowings reducing available commitments under the credit agreement.

Sirius XM is a New York-based radio broadcasting company.

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