| Schedule of long-term debt instruments |
Our debt as of September 30, 2017 and December 31, 2016 consisted of the following:
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Carrying value(a) at
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Issuer / Borrower |
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Issued |
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Debt |
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Maturity Date |
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Interest Payable |
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Principal Amount at September 30, 2017 |
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September 30, 2017 |
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December 31, 2016 |
Sirius XM
(b)(e) |
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May 2013 |
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4.25% Senior Notes
(the "4.25% Notes") |
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May 15, 2020 |
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semi-annually on May 15 and November 15 |
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$ |
— |
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$ |
— |
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$ |
497,069 |
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Sirius XM
(b)(f) |
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August 2013 |
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5.75% Senior Notes
(the "5.75% Notes") |
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August 1, 2021 |
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semi-annually on February 1 and August 1 |
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— |
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— |
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596,386 |
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Sirius XM
(b)(h) |
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July 2017 |
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3.875% Senior Notes
(the "3.875% Notes") |
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August 1, 2022 |
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semi-annually on February 1 and August 1 |
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1,000,000 |
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991,617 |
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— |
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Sirius XM
(b) |
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May 2013 |
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4.625% Senior Notes
(the "4.625% Notes") |
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May 15, 2023 |
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semi-annually on May 15 and November 15 |
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500,000 |
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496,510 |
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496,111 |
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Sirius XM
(b) |
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May 2014 |
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6.00% Senior Notes
(the "6.00% Notes") |
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July 15, 2024 |
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semi-annually on January 15 and July 15 |
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1,500,000 |
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1,487,632 |
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1,486,556 |
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Sirius XM
(b) |
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March 2015 |
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5.375% Senior Notes
(the "5.375% Notes due 2025") |
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April 15, 2025 |
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semi-annually on April 15 and October 15 |
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1,000,000 |
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991,044 |
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990,340 |
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Sirius XM
(b) |
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May 2016 |
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5.375% Senior Notes
(the "5.375% Notes due 2026") |
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July 15, 2026 |
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semi-annually on January 15 and July 15 |
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1,000,000 |
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989,914 |
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989,259 |
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Sirius XM
(b)(h) |
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July 2017 |
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5.00% Senior Notes
(the "5.00% Notes") |
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August 1, 2027 |
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semi-annually on February 1 and August 1 |
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1,500,000 |
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1,485,884 |
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— |
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Sirius XM
(b)(c)(g) |
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August 2012 |
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5.25% Senior Secured Notes (the "5.25% Notes") |
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August 15, 2022 |
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semi-annually on February 15 and August 15 |
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— |
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— |
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396,232 |
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Sirius XM
(d) |
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December 2012 |
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Senior Secured Revolving Credit Facility (the "Credit Facility") |
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June 16, 2020 |
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variable fee paid quarterly |
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1,750,000 |
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290,000 |
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390,000 |
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Sirius XM |
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Various |
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Capital leases |
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Various |
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n/a |
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n/a |
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8,718 |
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13,559 |
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Total Debt |
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6,741,319 |
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5,855,512 |
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Less: total current maturities |
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4,220 |
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5,485 |
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Less: total deferred financing costs for Notes |
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8,750 |
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7,263 |
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Total long-term debt |
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$ |
6,728,349 |
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$ |
5,842,764 |
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(a) |
The carrying value of the obligations is net of any remaining unamortized original issue discount. |
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(b) |
Substantially all of our domestic wholly-owned subsidiaries have guaranteed these notes. |
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(c) |
The liens that secured the 5.25% Notes were equal and ratable to the liens granted to secure the Credit Facility.
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(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 0.30% per annum as of September 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.
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(e) |
On July 27, 2017, Sirius XM redeemed $500,000 in outstanding principal amount of the 4.25% Notes for an aggregate purchase price, including premium and interest, of $509,565. We recognized $8,393 to Loss on extinguishment of debt, consisting primarily of unamortized discount, deferred financing fees and repayment premium, as a result of this redemption.
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(f) |
On August 4, 2017, Sirius XM redeemed $600,000 in outstanding principal amount of the 5.75% Notes for an aggregate purchase price, including premium and interest, of $617,538. We recognized $20,964 to Loss on extinguishment of debt, consisting primarily of unamortized discount, deferred financing fees and repayment premium, as a result of this redemption.
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(g) |
On September 1, 2017, Sirius XM redeemed $400,000 in outstanding principal amount of the 5.25% Notes for an aggregate purchase price, including premium and interest, of $411,433. We recognized $14,322 to Loss on extinguishment of debt, consisting primarily of unamortized discount, deferred financing fees and repayment premium, as a result of this redemption. In addition, all security interests and other liens securing the 5.25% Notes were released.
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(h) |
In July 2017, Sirius XM issued $1,000,000 aggregate principal amount of the 3.875% Notes and $1,500,000 aggregate principal amount of the 5.00% Notes with a net original issuance discount and deferred financing costs in the aggregate of $10,291 and $16,638, respectively.
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