Satellite audio company SiriusXM will add a significant piece of change to its credit facility and also move its maturity further into the future with an eye on funding general corporate activities.
The company will be increasing its senior secured revolver from $1.25B to $1.75B and extending its maturity until 2020.
The money will be used for a number of purposes, including but not limited to share repurchases, dividends and acquisitions.
“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 CFO David Frear.
