| Schedule of long-term debt instruments |
Our debt as of September 30, 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 September 30, 2018 |
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September 30, 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 |
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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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$ |
993,218 |
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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 |
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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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497,064 |
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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 |
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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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1,489,146 |
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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 |
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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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992,028 |
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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 |
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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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990,830 |
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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 |
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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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1,487,017 |
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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 29, 2023 |
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variable fee paid quarterly |
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1,750,000 |
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118,000 |
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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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6,963 |
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10,597 |
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Total Debt |
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6,574,266 |
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6,754,841 |
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Less: total current maturities |
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4,411 |
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5,105 |
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Less: total deferred financing costs for Notes |
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7,703 |
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8,493 |
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Total long-term debt |
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$ |
6,562,152 |
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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) |
In June 2018, Sirius XM entered into an amendment to extend the maturity of the Credit Facility to June 2023. 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 September 30, 2018. All of 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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