Sirius/XM debt indenture agreements regarding cash on hand...
LiborTedSpread called my attention to this post that Homer had posted on the Yahoo board.....
>>>What happened to the $350 M Siri had in the bank.???? Enough to cover the Feb. dept.
http://messages.finance.yahoo.com/Bu...91&mid=4032954
Start with $360 million...
+ Add in FCF from Q4 of about $50 million;
- Now remove $180 million minimum balance needed, per their various indenture agreements;
- Now remove $175 million to repay the February debt;
- Now remove $44 million owed to the NFL in February;
- Now remove $60 million owed to MLB in March;
- Now remove $50 million for accounts payable
= ($99 million)
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Why doesn't Homer post his stuff here first? Anyway, according to Homer's post on the Yahoo board, the indenture agreements require an $180 million balance of cash on hand. Libor was asking me how this can this be verified and to what debt. Knowing what debt this is applied to is very important to know. I have also heard figures lower than the $180 million number thrown about. Also, what are the ramifications of breaking an indenture agreement like this? I have also never been able to verify if there is a 30 day extension available on the Feb. debt or not. I have heard that thrown about too. Looking for clarity and facts..... Can anyone help? Homer.......where are you?