Sirius XM gets $1.25 billion five-year revolver at Libor plus 200 bps

By Susanna Moon

Chicago, Dec. 10 - Sirius XM Radio Inc. closed on its $1.25 billion five-year senior secured revolving credit facility last Wednesday at Libor plus 200 basis points, according to an 8-K filing with the Securities and Exchange Commission.

Pricing will be Libor plus 175 bps to 250 bps based on leverage.

The company announced the loan with JPMorgan Bank, NA as administrative agent on Dec. 5.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley MUFG Loan Partners, LLC, Barclays, BNP Paribas Securities Corp., Credit Agricole Corporate and Investment Bank, RBC Capital Markets, RBS Securities Inc., SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities LLC are the joint bookrunners.

JPMorgan Chase Bank, NA, Bank of America, NA, Barclays Bank plc, BNP Paribas, Citigroup Global Markets Inc., Credit Agricole Corporate and Investment Bank, Deutsche Bank Securities Inc., Morgan Stanley MUFG Loan Partners, LLC, Royal Bank of Canada, Royal Bank of Scotland plc, SunTrust Bank and Wells Fargo Bank, NA are the co-syndication agents.

U.S. Bank NA is the senior managing agent, and Bank of Montreal is the manager.

"Sirius XM's credit quality has rapidly improved, and we are pleased that the bank market has recognized that fact by oversubscribing the deal, allowing us to upsize the facility to $1.25 billion," David Frear, the company's chief financial officer, said in a previous press release.

"This new facility will allow us to continue to drive down average borrowing costs and more tightly manage cash and debt balances, and it further strengthens our balance sheet by providing a substantial and readily available source of liquidity for strategic opportunities, including the return of capital to shareholders and acquisitions."

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

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