| Schedule of long-term debt instruments |
Our debt as of June 30, 2016 and December 31, 2015 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 June 30, 2016 |
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June 30, 2016 |
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December 31, 2015 |
Sirius XM
(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 November15 |
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$ |
500,000 |
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$ |
496,671 |
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$ |
496,282 |
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Sirius XM
(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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645,207 |
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644,720 |
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Sirius XM
(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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596,048 |
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595,720 |
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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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495,854 |
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495,602 |
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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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1,485,866 |
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1,485,196 |
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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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989,887 |
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989,446 |
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Sirius XM
(b)(c) |
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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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988,838 |
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— |
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Sirius XM
(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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395,950 |
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395,675 |
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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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June 16, 2020 |
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variable fee paid quarterly |
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1,750,000 |
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— |
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340,000 |
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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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16,441 |
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12,892 |
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Total Debt |
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6,110,762 |
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5,455,533 |
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Less: total current maturities |
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5,611 |
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4,764 |
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Less: total deferred financing costs for Notes |
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8,343 |
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7,155 |
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Total long-term debt |
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$ |
6,096,808 |
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$ |
5,443,614 |
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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) |
In May 2016, Sirius XM issued $1,000,000 aggregate principal amount of 5.375% Senior Notes due 2026, with an original issuance discount of $11,250.
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(d) |
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. 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 June 30, 2016. As of June 30, 2016, $1,750,000 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 unaudited consolidated balance sheets due to the long-term maturity of this debt.
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