Morgan Stanley Commits $250 Million Term Loan to SIRIUS
NEW YORK, June 5, 2007 — SIRIUS Satellite Radio (SIRI) today announced that it has obtained a $250 million senior secured term loan commitment from Morgan Stanley Senior Funding, Inc.
The facility will mature in five and one-half years and have covenants substantially similar to those under the Company’s existing 9 5/8% Senior Notes. The proceeds will be used for general corporate purposes. Morgan Stanley is acting as the sole lead arranger and has committed to provide the entire principal amount of the facility, subject to customary closing conditions.
“This transaction takes advantage of favorable market conditions and significantly strengthens our balance sheet,” said David Frear, EVP and CFO of SIRIUS.
Comments:
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fantastic.
by M4
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Buys them an extra 2 months at current burn rates. Not like there is much else they can do the cash is running out very soon.
by adam28577
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what is the interest rate on this debt?
by kentjoung
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