Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.7.0.1
Debt (Tables)
6 Months Ended
Jun. 30, 2017
Debt Disclosure [Abstract]  
Schedule of long-term debt instruments
Our debt as of June 30, 2017 and December 31, 2016 consisted of the following:
 
 
 
 
 
 
 
 
 
 
 
 
Carrying value(a) at
Issuer / Borrower
 
Issued
 
Debt
 
Maturity Date
 
Interest Payable
 
Principal Amount at June 30, 2017
 
June 30, 2017
 
December 31, 2016
Sirius XM
(b)(e)(f)
 
May 2013
 
4.25% Senior Notes
(the "4.25% Notes")
 
May 15, 2020
 
semi-annually on May 15 and November15
 
$
500,000

 
$
497,476

 
$
497,069

Sirius XM
(b)(f)
 
August 2013
 
5.75% Senior Notes
(the "5.75% Notes")
 
August 1, 2021
 
semi-annually on February 1 and August 1
 
600,000

 
596,735

 
596,386

Sirius XM
(b)
 
May 2013
 
4.625% Senior Notes
(the "4.625% Notes")
 
May 15, 2023
 
semi-annually on May 15 and November 15
 
500,000

 
496,375

 
496,111

Sirius XM
(b)
 
May 2014
 
6.00% Senior Notes
(the "6.00% Notes")
 
July 15, 2024
 
semi-annually on January 15 and July 15
 
1,500,000

 
1,487,268

 
1,486,556

Sirius XM
(b)
 
March 2015
 
5.375% Senior Notes
(the "5.375% Notes due 2025")
 
April 15, 2025
 
semi-annually on April 15 and October 15
 
1,000,000

 
990,806

 
990,340

Sirius XM
(b)
 
May 2016
 
5.375% Senior Notes
(the "5.375% Notes due 2026")
 
July 15, 2026
 
semi-annually on January 15 and July 15
 
1,000,000

 
989,693

 
989,259

Sirius XM
(b)(c)
 
August 2012
 
5.25% Senior Secured Notes (the "5.25% Notes")
 
August 15, 2022
 
semi-annually on February 15 and August 15
 
400,000

 
396,522

 
396,232

Sirius XM
(d)(f)
 
December 2012
 
Senior Secured
Revolving Credit Facility (the "Credit Facility")
 
June 16, 2020
 
variable fee paid quarterly
 
1,750,000

 
1,000,000

 
390,000

Sirius XM
 
Various
 
Capital leases
 
Various
 
 n/a
 
 n/a

 
10,832

 
13,559

Total Debt
 
6,465,707

 
5,855,512

Less: total current maturities
 
5,160

 
5,485

Less: total deferred financing costs for Notes
 
6,790

 
7,263

Total long-term debt
 
$
6,453,757

 
$
5,842,764

(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)
The liens securing the 5.25% Notes are equal and ratable to the liens granted to secure the Credit Facility.  
(d)
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 0.25% per annum as of June 30, 2017.  Sirius XM's outstanding borrowings under the Credit Facility are classified as Long-term debt within our unaudited consolidated balance sheets due to the long-term maturity of this debt.
(e)
On June 27, 2017, Sirius XM issued a redemption notice pursuant to the indenture governing the 4.25% Notes to redeem all of its 4.25% Notes.
(f)
For a discussion of subsequent events related to this debt refer to Note 17.