Simpson Thacher represented Sirius XM Radio Inc. (SiriusXM), a subsidiary of Sirius XM Holdings Inc. (NASDAQ: SIRI), in connection with entering into an amendment to its existing $1.75 billion revolving credit facility.
The amendment, among other things, extends the maturity of the existing facility to June 29, 2023, reduces interest rates and commitment fees when certain leverage levels are met and adds the ability to borrow in Canadian Dollars up to a C$250 million sublimit.
SIRI is the world’s largest radio broadcaster measured by revenue and has approximately 32 million subscribers. SiriusXM creates and broadcasts commercial-free music; premier sports talk and live events; comedy; news; exclusive talk and entertainment; and the most comprehensive Latin music, sports and talk programming in radio.
The Simpson Thacher team included Brian Steinhardt (Picture), Mike Vernace and Michael Ratay (Credit); and Marcy Geller and Joseph Tootle (Tax).
Involved fees earner: Brian Steinhardt – Simpson Thacher & Bartlett; Michael Vernace – Simpson Thacher & Bartlett; Michael Ratay – Simpson Thacher & Bartlett; Marcy Geller – Simpson Thacher & Bartlett; Joseph Tootle – Simpson Thacher & Bartlett;
Law Firms: Simpson Thacher & Bartlett;
Clients: Sirius XM Holdings Inc.;