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Thread: Did XM just refied 100Mil loan??

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  1. #1
    one959 is offline
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    Did XM just refied 100Mil loan??

    On June 26, 2008, XM Satellite Radio Inc. and XM Satellite Radio Holdings Inc. entered into a Credit Agreement relating to a $100 million term loan (the “Credit Agreement”) with UBS AG, Stamford Branch, as Administrative Agent and the lenders party thereto................The Credit Agreement includes market rate syndication and commitment fees, interest and expenses, and, similar to the Original Facility, has a scheduled maturity date of May 5, 2009, will survive if our pending merger with Sirius Satellite Radio is consummated, and is secured by substantially all of XM’s assets other than specified property (on a pari passu basis with the Original Facility).
    Well if I'm reading that right, I should shut up a few critics, but since I'm no expert I'd appreciate some comments from folks that are better at deciphering these financial statements.

    Sorry cant provide a link to the specific doc but from the XM wesite;

    http://phx.corporate-ir.net/phoenix....922&p=irol-sec

    Click on the doc for 6/26/08 then look under "Entry into a Material Definitive Agreement"

    TIA

  2. #2
    zcurzan is offline
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    They got a $100 million loan which they used to partially repay money they had drawn on the GM credit facility. Now they have full access to that credit line again.

    This is not what the press is talking about when they talk about refinancing XM's putable debt, close to $1.5 billion. But it does speak for something that anyone is willing to loan them money at this point.

  3. #3
    one959 is offline
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    Quote Originally Posted by zcurzan View Post
    This is not what the press is talking about when they talk about refinancing XM's putable debt, close to $1.5 billion. But it does speak for something that anyone is willing to loan them money at this point.
    Agreed and thanks for the clarification. I guess at this point we are all just wishfully looking for ANY type of positive news.

  4. #4
    zcurzan is offline
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    Time certainly does crawl when you are refreshing headlines every 5 minutes waiting for the next big thing, either positive or negative.

    I feel like I could walk away for a month and come back and still have the FCC promising action "soon".

  5. #5
    john is offline
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    What it does say is that XMSR is not as close to bankrupcy as many people may think.

  6. #6
    crfceo is offline
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    Very good news. Looks like xm addressed the MLB credit issue and now has well over 150 million to continue operations...

    I also like the fact that in this tight credit environment that xm was able to secure financing. That says a lot about the future prospects of refinancing that Goldman said couldn't be done....
    Last edited by crfceo; 06-26-2008 at 09:21 PM.

  7. #7
    one959 is offline
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    Quote Originally Posted by zcurzan View Post
    I feel like I could walk away for a month and come back and still have the FCC promising action "soon".
    Yeah I know what you mean, I just keep whistling (Sittin' On) The Dock Of The Bay by Otis Redding

    I agree that it's a step in the right direction, good to see that not everybody has given up on these companies on account of GS.

  8. #8
    clueless is offline
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    That is what I first thought when I read it as well... now they can pay MLB

  9. Ad Fairy Senior Member

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