Sirius XM amends, upsizes JPMorgan facility by $1.1 billion

By William Gullotti

Buffalo, N.Y., Jan. 29 – Sirius XM Holdings Inc. subsidiary Sirius XM Radio Inc. entered into a ninth amendment to its existing credit agreement with JPMorgan Chase Bank, NA as administrative agent on Jan. 26, according to an 8-K filing with the Securities and Exchange Commission.

Prior to the amendment, the $2.25 billion facility consisted of a $1.75 billion revolver and a $500 million term loan.

The amendment added a $1.1 billion delayed-draw incremental term loan, arranged by BofA Securities, Inc., Morgan Stanley Senior Funding, Inc. and JPMorgan, that may be drawn by the company in up to three separate drawings until Dec. 31.

Borrowings from the delayed incremental facility will mature three years from the draw date and, subject to certain conditions, may be subject to a springing maturity date.

Otherwise, the facility remained unchanged by the amendment.

The original term loan remains expected to mature April 11, while the revolver remains expected to terminate Aug. 31, 2026.

Facility borrowings will continue to be used for working capital and other general corporate purposes, including without limitation, share repurchases, dividends and the financing of acquisitions.

Sirius XM is a New York-based satellite radio provider.

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