Sirius XM Holdings Inc. has entered into a significant amendment to its existing credit agreement, as reported in a Form 8-K filed with the SEC. On January 26, 2024, the company's subsidiary, Sirius XM Radio Inc., amended its credit agreement with JPMorgan Chase Bank, N.A., and other agents and lenders. This amendment, known as Amendment No. 9, 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 use in working capital, share repurchases, dividends, and financing acquisitions. The credit agreement, which also includes a $1.75 billion senior secured revolving...Show More

Sirius XM Holdings Inc. has entered into a significant amendment to its existing credit agreement, as reported in a Form 8-K filed with the SEC. On January 26, 2024, the company's subsidiary, Sirius XM Radio Inc., amended its credit agreement with JPMorgan Chase Bank, N.A., and other agents and lenders. This amendment, known as Amendment No. 9, 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 use in working capital, share repurchases, dividends, and financing acquisitions. The credit agreement, which also includes a $1.75 billion senior secured revolving credit facility and a $500 million incremental term loan, is guaranteed by Sirius XM's material domestic subsidiaries and secured by a lien on nearly all of Sirius XM's assets. The agreement allows for additional commitments or new indebtedness under certain conditions. The filing also notes that some participants in the Credit Agreement may have existing or future commercial dealings with Sirius XM and could receive customary fees for these transactions.