Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

v3.3.1.900
Debt (Tables)
12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments

Our debt as of December 31, 2015 and 2014 consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carrying value(a) at

 

Issuer / Borrower

 

Issued

 

Debt

 

Maturity Date

 

Interest Payable

 

Principal Amount at December 31, 2015

 

 

December 31, 2015

 

 

December 31, 2014

 

Sirius XM

(b)

 

May 2013

 

4.25% Senior Notes

(the "4.25% Notes")

 

May 15, 2020

 

semi-annually on May 15 and November 15

 

$

500,000

 

 

$

496,282

 

 

$

495,529

 

Sirius XM

(b)

 

September 2013

 

5.875% Senior Notes

(the "5.875% Notes")

 

October 1, 2020

 

semi-annually on April 1 and October 1

 

 

650,000

 

 

 

644,720

 

 

 

643,790

 

Sirius XM

(b)

 

August 2013

 

5.75% Senior Notes

(the "5.75% Notes")

 

August 1, 2021

 

semi-annually on February 1 and August 1

 

 

600,000

 

 

 

595,720

 

 

 

595,091

 

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

 

 

 

495,602

 

 

 

495,116

 

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

 

 

 

1,485,196

 

 

 

1,483,918

 

Sirius XM

(b)(c)

 

March 2015

 

5.375% Senior Notes

(the "5.375% Notes")

 

April 15, 2025

 

semi-annually on April 15 and October 15

 

 

1,000,000

 

 

 

989,446

 

 

 

 

Sirius XM

(b)(d)

 

August 2012

 

5.25% Senior Secured

Notes (the "5.25% Notes")

 

August 15, 2022

 

semi-annually on February 15 and August 15

 

 

400,000

 

 

 

395,675

 

 

 

395,147

 

Sirius XM

(e)

 

December 2012

 

Senior Secured

Revolving Credit Facility (the "Credit Facility")

 

June 16, 2020

 

variable fee paid quarterly

 

 

1,750,000

 

 

 

340,000

 

 

 

380,000

 

Sirius XM

 

Various

 

Capital leases

 

Various

 

n/a

 

n/a

 

 

 

12,892

 

 

 

12,754

 

Total Debt

 

 

 

5,455,533

 

 

 

4,501,345

 

Less: total current maturities

 

 

 

4,764

 

 

 

7,482

 

Less: total deferred financing costs for Notes

 

 

 

7,155

 

 

 

6,444

 

Total long-term debt

 

 

$

5,443,614

 

 

$

4,487,419

 

 

(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)

In March 2015, Sirius XM issued $1,000,000 aggregate principal amount of 5.375% Senior Notes due 2025, with an original issuance discount of $11,250.

(d)

The liens securing the 5.25% Notes are equal and ratable to the liens granted to secure the Credit Facility.  

(e)

In December 2012, Sirius XM entered into a five-year Credit Facility with a syndicate of financial institutions for $1,250,000.  In June 2015, Sirius XM entered into an amendment to increase the total borrowing capacity under the Credit Facility to $1,750,000 and to extend the maturity to June 2020.  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 December 31, 2015.  As of December 31, 2015, $1,410,000 was available for future borrowing under the Credit Facility.  Sirius XM's outstanding borrowings under the Credit Facility are classified as Long-term debt within our consolidated balance sheets due to the long-term maturity of this debt.