heavy trading, good momentum, come on .40++ maybe .50
ford equity upgrade might go along way today imo...check out the revenue quote above ^^
SIRIUS XM SATELLITE RADIO FORUM
heavy trading, good momentum, come on .40++ maybe .50
ford equity upgrade might go along way today imo...check out the revenue quote above ^^
So much for +4 cent premarket; we'll be back at 34-35 by the end of the day. The market is really negative right now; we'll get swept away with it.
looking for interpretation of todays senior notes whenever someone has a chance to figure it out, thx.
we're bright green on my screen...Originally Posted by SiriuslyLong
Only reason that is even possible is due to past trading experiences. But what Ive seen today,and all the good news, I dont see how its possible(but Ive said that before.)
My open at .405 ironically was crushed by the new news. As it isnt transparent, as all PR releases are, it took some wind out. Makes people think. People dont like to think that early in the morning.
Bass . . I believe this is the $350mm XM bank debt that was due in May 2009 but was reworked when Liberty Media came in with new money . . Liberty's Investment Agreement was conditioned upon reworking & extending the May debt which Siri was in fact able to do . . . Homer?
This is a POSITIVE event in my mind in that they are taking care of this debt sooner rather than later, presumably at more favorable terms!
Last edited by Sirius Roadkill; 06-22-2009 at 10:38 AM.
That is my take too. Makes more sense its the May bank debt.The havent filed the notes yet. As stated in the filing. Probably gettin around 5 percent points lower than the 15 percent. And removes 1st and 2nd payment worries.
man behl is kicking ass for me but siri is now being a dick, stop hiding in the corner siri come join the fun. its a party out here. i think we will close over .36
This is the restated Credit facilities from the annual report that todays debt issue will pay off with terms...
First-Lien Credit Agreement (as defined below).
Amendment and Restatement of Existing XM Bank Facilities. On March 6, 2009, XM amended and restated
(i) the $100,000 Credit Agreement, dated as of June 26, 2008, among XM,XMHoldings, the lenders named therein
and UBS AG, as administrative agent (the “UBS Term Loan”) and (ii) the $250,000 Credit Agreement, dated as of
May 5, 2006, among XM, XM Holdings, the lenders named therein and JPMorgan Chase Bank, N.A., as
administrative agent (the “JPM Revolver” and, together with the UBS Term Loan, the “Previous Facilities”).
The Previous Facilities have been combined as term loans into the Amended and Restated Credit Agreement, dated
as of March 6, 2009, among XM, XM Holdings, the lenders named therein and JPMorgan Chase Bank, N.A., as
administrative agent (the “First-Lien Credit Agreement”), and Liberty Media LLC (the “Purchaser”) has purchased
$100,000 aggregate principal amount of such loans from the lenders. XM paid a restructuring fee of 2% to the
existing lenders under the Previous Facilities.
Loans under the First-Lien Credit Agreement held by existing lenders (the “Tranche A” and the “Tranche B”
term loans) will mature on May 5, 2010 and the remaining loans purchased by Liberty (the “Tranche C” term loans)
will mature on May 5, 2011. The Tranche A and the Tranche B term loans are subject to scheduled quarterly
amortization payments of $25,000 starting on March 31, 2009. The Tranche C term loans are subject to a partial
amortization of $25,000 on March 31, 2010, with all remaining amounts due on the final maturity date. Pursuant to
these maturities and the scheduled amortization payments, of the outstanding principal amount, $100,000 of the
$350,000 is due in 2009; $175,000 is due in 2010; and $75,000 is due in 2011. The loans will bear interest at rates
ranging from prime plus 11% to LIBOR (subject to a 3% floor) plus 12%.
The loans under the First-Lien Credit Agreement are guaranteed by XM Holdings and each of the subsidiary
guarantors named therein. The loans are secured by a first lien on substantially all of the assets ofXMHoldings,XM
and certain subsidiaries named therein. The affirmative covenants, negative covenants and event of default
provisions contained in the First-Lien Credit Agreement are substantially similar to those contained in the Previous
Facilities, except that: (i)XMmust maintain cash reserves of $75 million (without taking into account any proceeds
from the Second-Lien Credit Agreement (as defined above)), (ii) we must maintain cash reserves of $35 million,
(iii) XM Holdings and XM must maintain certain EBITDA levels set forth therein and (iv) an event of default shall
occur upon the acceleration of any our material indebtedness or in the event of our voluntary or involuntary
bankruptcy
Thank you Irish. Exactly what it was referring to from the language.
Reply With Quote