| Schedule of long-term debt instruments |
Our debt as of March 31, 2018 and December 31, 2017 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 March 31, 2018 |
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March 31, 2018 |
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December 31, 2017 |
Sirius XM
(b) |
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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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992,409 |
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992,011 |
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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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496,784 |
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496,646 |
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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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1,488,377 |
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1,488,002 |
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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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991,529 |
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991,285 |
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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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990,366 |
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990,138 |
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Sirius XM
(b) |
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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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1,486,443 |
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1,486,162 |
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Sirius XM
(c) |
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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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365,000 |
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300,000 |
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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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9,684 |
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10,597 |
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Total Debt |
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6,820,592 |
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6,754,841 |
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Less: total current maturities |
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4,911 |
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5,105 |
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Less: total deferred financing costs for Notes |
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8,233 |
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8,493 |
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Total long-term debt |
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$ |
6,807,448 |
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$ |
6,741,243 |
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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) |
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 March 31, 2018. 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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