| Schedule of Long-term Debt Instruments |
Our debt as of December 31, 2014 and 2013 consisted of the following:
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Carrying value at |
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 |
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December 31, 2014 |
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December 31, 2013 |
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Sirius XM
(a)
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August 2008 |
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7% Exchangeable
Senior Subordinated Notes (the "Exchangeable Notes") |
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December 1, 2014 |
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semi-annually on June 1 and December 1 |
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$ |
— |
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$ |
— |
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$ |
500,481 |
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Sirius XM
(a)(b) |
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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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500,000 |
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495,529 |
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494,809 |
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Sirius XM
(a)(b) |
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September 2013 |
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5.875% Senior Notes
(the "5.875% Notes")
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October 1, 2020 |
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semi-annually on April 1 and October 1 |
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650,000 |
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643,790 |
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642,914 |
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Sirius XM
(a)(b) |
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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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600,000 |
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595,091 |
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594,499 |
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Sirius XM
(a)(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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495,116 |
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494,653 |
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Sirius XM
(a)(b)(c) |
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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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1,483,918 |
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— |
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Sirius XM
(a)(b)(d) |
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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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400,000 |
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395,147 |
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394,648 |
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Sirius XM
(e) |
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December 2012 |
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Senior Secured Revolving Credit Facility (the "Credit Facility") |
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December 5, 2017 |
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variable fee paid quarterly |
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1,250,000 |
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380,000 |
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460,000 |
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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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12,754 |
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19,591 |
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Total Debt |
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4,501,345 |
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3,601,595 |
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Less: total current maturities non-related party |
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7,482 |
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496,815 |
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Less: total current maturities related party |
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— |
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10,959 |
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Total long-term debt |
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$ |
4,493,863 |
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$ |
3,093,821 |
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(a) |
The carrying value of the notes are net of the 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) |
In May 2014, Sirius XM issued $1,500,000 aggregate principal amount of 6.00% Senior Notes due 2024, with an original issuance discount of $16,875.
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(d) |
In April 2014, we entered into a supplemental indenture to the indenture governing the 5.25% Notes pursuant to which we granted a first priority lien on substantially all of the assets of Sirius XM and the guarantors to the holders of the 5.25% Notes. The liens securing the 5.25% Notes are equal and ratable to the liens granted to secure the Credit Facility. |
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(e) |
In December 2012, Sirius XM entered into a five-year Credit Facility with a syndicate of financial institutions for $1,250,000. 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. Borrowings under the Credit Facility are used for working capital and other general corporate purposes, including dividends, financing of acquisitions and share repurchases. 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 and is payable on a quarterly basis. The variable rate for the unused portion of the Credit Facility was 0.35% per annum as of December 31, 2014. As of December 31, 2014, $870,000 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.
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