NEW YORK, June 16, 2015 /PRNewswire/ -- Sirius XM
Holdings Inc. (NASDAQ: SIRI) today announced that its
subsidiary, Sirius XM Radio Inc., has entered into an amendment to
its existing senior secured revolving credit facility with a
syndicate of banks and other financial institutions to increase
total commitments from $1.25 billion
to $1.75 billion and extend the
maturity to 2020, among other things. The amended
facility is secured by substantially all the assets of Sirius XM
Radio Inc. and its subsidiaries and was not drawn upon at
closing. The company will use borrowings under its facility
for working capital and other general corporate purposes, including
without limitation, share repurchases, dividends and the financing
of acquisitions.
J.P. Morgan Chase Bank, N.A. acted as Administrative
Agent. J.P. Morgan Securities LLC acted as a Joint
Bookrunner along with Merrill Lynch, Pierce, Fenner &
Smith Incorporated, Barclays Bank PLC, BMO Capital Markets
Corp., BNP Paribas Securities Corp., Morgan Stanley MUFG Loan
Partners, LLC, Credit Agricole Corporate and Investment
Bank, Citigroup Global Markets Inc., Deutsche Bank
Securities Inc., Goldman Sachs, Mizuho
Bank, LTD., RBC Capital Markets, Scotiabank, SunTrust
Robinson Humphrey, Inc., U.S. Bancorp Investments Inc.,
and Wells Fargo Securities LLC.
"SiriusXM's financial strength has continued to rapidly improve
and we are pleased that the bank market has recognized that fact
allowing us to increase the facility size by 40% while improving
terms and extending the maturity. This amended facility
allows us to continue to tightly manage our cash and debt balances
while providing a substantial and readily available source of
liquidity for strategic opportunities, including the return of
capital to shareholders and acquisitions," noted David Frear,
Chief Financial Officer,
SiriusXM.
About SiriusXM
Sirius XM Holdings Inc. (NASDAQ: SIRI) is the world's largest
radio broadcaster measured by revenue and has more than 27.7
million subscribers. SiriusXM creates and broadcasts
commercial-free music; premier sports talk and live events; comedy;
news; exclusive talk and entertainment; and the most comprehensive
Latin music, sports and talk programming in radio. SiriusXM is
available in vehicles from every major car company in the U.S. and
on smartphones and other connected devices as well as online at
siriusxm.com. SiriusXM radios and accessories are available from
retailers nationwide and at shop.siriusxm.com. SiriusXM also
provides premium traffic, weather, data and information services
for subscribers in cars, trucks, RVs, boats and aircraft through
SiriusXM Traffic™, SiriusXM Travel Link, NavTraffic®, NavWeather™,
SiriusXM Aviation, SiriusXM Marine™, Sirius
Marine Weather, XMWX Aviation™, and XMWX Marine™.
SiriusXM holds a minority interest in SiriusXM Canada which has
more than 2 million subscribers. SiriusXM is also a leading
provider of connected vehicles services to major automakers, giving
customers access to a suite of safety, security, and convenience
services including automatic crash notification, stolen vehicle
recovery assistance, enhanced roadside assistance and turn-by-turn
navigation.
On social media, join the SiriusXM community on Facebook,
Twitter, Instagram, and YouTube.
This communication contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements include, but are not limited to,
statements about future financial and operating results, our plans,
objectives, expectations and intentions with respect to future
operations, products and services; and other statements identified
by words such as "will likely result," "are expected to," "will
continue," "is anticipated," "estimated," "believe," "intend,"
"plan," "projection," "outlook" or words of similar meaning.
Such forward-looking statements are based upon the current beliefs
and expectations of our management and are inherently subject to
significant business, economic and competitive uncertainties and
contingencies, many of which are difficult to predict and generally
beyond our control. Actual results may differ materially from
the results anticipated in these forward-looking
statements.
The following factors, among others, could cause actual
results to differ materially from the anticipated results or other
expectations expressed in the forward-looking statements: our
competitive position versus other radio and audio service
providers; our ability to attract and retain subscribers, which is
uncertain; our dependence upon the auto industry; general economic
conditions; changes in consumer protection laws and their
enforcement; the security of the personal information about our
customers; other existing or future government laws and regulations
could harm our business; failure of our satellites would
significantly damage our business; the interruption or failure of
our information technology and communications systems; royalties we
pay for music rights, which increase over time; the unfavorable
outcome of pending or future litigation; our failure to realize
benefits of acquisitions or other strategic initiatives; rapid
technological and industry changes; failure of third parties to
perform; failure to comply with FCC requirements; modifications to
our business plans; our indebtedness; and our principal stockholder
has significant influence over our management and over actions
requiring stockholder approval and its interests may differ from
interests of other holders of our common stock. Additional
factors that could cause our results to differ materially from
those described in the forward-looking statements can be found in
our Annual Report on Form 10-K for the year ended December 31, 2014, which is filed with the
Securities and Exchange Commission (the "SEC") and available at the
SEC's Internet site (http://www.sec.gov). The
information set forth herein speaks only as of the date hereof, and
we disclaim any intention or obligation to update any forward
looking statements as a result of developments occurring after the
date of this communication.
E - SIRI
Contact Information for Investors and Financial Media:
Investors:
Hooper Stevens
212 901 6718
hooper.stevens@siriusxm.com
Media:
Patrick Reilly
212 901 6646
patrick.reilly@siriusxm.com
Logo -
http://photos.prnewswire.com/prnh/20101014/NY82093LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sirius-xm-announces-175-billion-amended-revolving-credit-facility-300100213.html
SOURCE Sirius XM Holdings Inc.