| Schedule of Long-term Debt Instruments |
Our debt as of September 30, 2024 and December 31, 2023 consisted of the following:
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Principal Amount at |
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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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September 30, 2024 |
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September 30, 2024 |
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December 31, 2023 |
SiriusXM Holdings level notes and loans: |
Sirius XM Holdings(b)
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March 2023 |
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3.75% Convertible Senior Notes |
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March 15, 2028 |
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Semi-annually in arrears on March 15 and September 15 |
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$ |
575 |
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$ |
590 |
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$ |
688 |
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Sirius XM Holdings(b)
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November 2019 |
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2.75% Exchangeable Senior Debentures |
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December 1, 2049 |
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quarterly in arrears on March 1, June 1, September 1, and December 1 |
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585 |
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583 |
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574 |
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Sirius XM Holdings |
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Various |
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Margin Loan |
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Various |
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n/a |
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— |
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— |
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695 |
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Sirius XM notes and loans: |
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Sirius XM(c)
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April 2022 |
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Incremental Term Loan |
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April 11, 2024 |
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variable fee paid monthly |
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— |
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— |
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500 |
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Sirius XM(c)
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September 2024 |
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Incremental Term Loan |
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September 9, 2027 |
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variable fee paid quarterly |
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610 |
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610 |
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— |
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Sirius XM
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December 2012 |
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Senior Secured Revolving Credit Facility (the "Credit Facility") |
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August 31, 2026 |
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variable fee paid quarterly |
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250 |
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250 |
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— |
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Sirius XM(c)
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August 2021 |
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3.125% Senior Notes |
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September 1, 2026 |
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semi-annually on March 1 and September 1 |
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1,000 |
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995 |
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994 |
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Sirius XM(c)
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July 2017 |
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5.00% Senior 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 |
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1,495 |
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1,494 |
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Sirius XM(c)
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June 2021 |
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4.00% Senior Notes |
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July 15, 2028 |
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semi-annually on January 15 and July 15 |
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2,000 |
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1,987 |
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1,985 |
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Sirius XM(c)
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June 2019 |
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5.500% Senior Notes |
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July 1, 2029 |
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semi-annually on January 1 and July 1 |
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1,250 |
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1,242 |
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1,241 |
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Sirius XM(c)
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June 2020 |
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4.125% Senior Notes |
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July 1, 2030 |
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semi-annually on January 1 and July 1 |
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1,500 |
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1,490 |
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1,488 |
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Sirius XM(c)
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August 2021 |
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3.875% Senior Notes |
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September 1, 2031 |
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semi-annually on March 1 and September 1 |
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1,500 |
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1,488 |
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1,487 |
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| Sirius XM |
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Various |
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Finance leases |
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Various |
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n/a |
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n/a |
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12 |
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15 |
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Total debt |
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10,742 |
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11,161 |
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Less: total current maturities (d)
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589 |
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1,079 |
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Less: total deferred financing costs, net |
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16 |
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9 |
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| Total long-term debt |
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$ |
10,137 |
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$ |
10,073 |
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(a)The carrying value of the obligations is net of any remaining unamortized original issue discount except for the debt measured at fair value noted in (b) below.
(b)Measured at fair value.
(c)All material domestic subsidiaries, including Pandora and its subsidiaries as well as Sirius XM Inc., that guarantee the Credit Facility have guaranteed the Incremental Term Loan and these notes.
(d)Current maturities of long-term debt includes the 2.75% Exchangeable Senior Debentures due 2049 due to the put and call features discussed below.
The fair values, based on quoted market prices of the same instruments but not considered to be active markets (Level 2), of Sirius XM’s debt securities, not reported at fair value, whose carrying value does not approximate fair value, are as follows:
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September 30, 2024 |
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December 31, 2023 |
Sirius XM 3.125% Senior Notes due 2026 |
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$ |
964 |
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$ |
932 |
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Sirius XM 5.0% Senior Notes due 2027 |
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$ |
1,470 |
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$ |
1,444 |
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Sirius XM 4.0% Senior Notes due 2028 |
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$ |
1,883 |
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$ |
1,827 |
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Sirius XM 5.50% Senior Notes due 2029 |
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$ |
1,219 |
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$ |
1,202 |
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Sirius XM 4.125% Senior Notes due 2030 |
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$ |
1,356 |
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$ |
1,326 |
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Sirius XM 3.875% Senior Notes due 2031 |
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$ |
1,303 |
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$ |
1,277 |
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