Sirius XM Radio Inc. today announced that it has entered into a new $1.25 billion five-year senior secured revolving credit facility with a syndicate of banks and other financial institutions. The new facility is secured by substantially all the assets of the company 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 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, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley MUFG Loan Partners, LLC, Barclays Bank PLC, BNP Paribas Securities Corp., Credit Agricole Corporate and Investment Bank, RBC Capital Markets, RBS Securities Inc., SunTrust Robinson Humphrey, Inc., and Wells Fargo Securities LLC.
"SiriusXM's credit quality has rapidly improved and we are pleased that the bank market has recognized that fact by oversubscribing the deal, allowing us to upsize the facility to $1.25 billion. This new facility will allow us to continue to drive down average borrowing costs and more tightly manage cash and debt balances and it further strengthens our balance sheet by 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.
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