Sirius XM Holdings Inc., the parent company of Sirius XM Radio Inc., has filed a Form 8-K with the SEC, reporting an amendment to its existing credit agreement. On January 26, 2024, Sirius XM Radio Inc. entered into Amendment No. 9 with JPMorgan Chase Bank, N.A., acting as the administrative agent, along with other agents and lenders. This amendment introduces a $1.1 billion delayed draw incremental term loan, which Sirius XM can draw upon in up to three separate instances until December 31, 2024. The loan, arranged by BofA Securities, Inc., Morgan Stanley Senior Funding, Inc., and JPMorgan Chase Bank, N.A., is intended for working capital and general corporate purposes, including share repurchases, dividends, and financing acquisitions. The credit agreement is guaranteed by Sirius...Show More

Sirius XM Holdings Inc., the parent company of Sirius XM Radio Inc., has filed a Form 8-K with the SEC, reporting an amendment to its existing credit agreement. On January 26, 2024, Sirius XM Radio Inc. entered into Amendment No. 9 with JPMorgan Chase Bank, N.A., acting as the administrative agent, along with other agents and lenders. This amendment introduces a $1.1 billion delayed draw incremental term loan, which Sirius XM can draw upon in up to three separate instances until December 31, 2024. The loan, arranged by BofA Securities, Inc., Morgan Stanley Senior Funding, Inc., and JPMorgan Chase Bank, N.A., is intended for working capital and general corporate purposes, including share repurchases, dividends, and financing acquisitions. The credit agreement is guaranteed by Sirius XM's material domestic subsidiaries and secured by a lien on nearly all of Sirius XM's assets. The agreement also allows for additional commitments under the revolving facility or new term loans, subject to its terms. Participants in the credit agreement and their affiliates have had, and may continue to have, commercial dealings with Sirius XM, for which they receive customary fees and commissions.