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Sirius XM | 8-K: Current report

SEC announcement ·  Jan 30 05:05
Summary by Futu AI
On January 26, 2024, Sirius XM Holdings Inc., through its subsidiary Sirius XM Radio Inc., amended its existing credit agreement, which previously included a $1.75 billion senior secured revolving credit facility and a $500 million incremental term loan. The amendment, known as Amendment No. 9, was facilitated by JPMorgan Chase Bank, N.A., as the administrative agent, along with BofA Securities, Inc., Morgan Stanley Senior Funding, Inc., and other agents and lenders. The key change introduced by this amendment is the addition of 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 credit agreement's obligations are guaranteed by Sirius XM's material domestic subsidiaries and secured by a lien on nearly...Show More
On January 26, 2024, Sirius XM Holdings Inc., through its subsidiary Sirius XM Radio Inc., amended its existing credit agreement, which previously included a $1.75 billion senior secured revolving credit facility and a $500 million incremental term loan. The amendment, known as Amendment No. 9, was facilitated by JPMorgan Chase Bank, N.A., as the administrative agent, along with BofA Securities, Inc., Morgan Stanley Senior Funding, Inc., and other agents and lenders. The key change introduced by this amendment is the addition of 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 credit agreement's obligations are 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 the possibility of increasing commitments or incurring new loans under certain conditions. The financial institutions involved in the credit agreement have had, and may continue to have, various commercial dealings with Sirius XM, for which they receive customary fees and commissions. The full details of Amendment No. 9 are disclosed in Exhibit 10.1, filed with the report.

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