麻豆最新出品

(9)听听顿别产迟

Debt is summarized as follows:

鈥�

(1) Measured at fair value

鈥�

1.375% Cash Convertible Senior Notes due 2023

On October听17, 2013, 麻豆最新出品 issued $1 billion aggregate principal amount of the Convertible Notes. The Convertible Notes will mature on October听15, 2023 unless earlier repurchased by us or converted. Interest on the Convertible Notes is payable semi-annually in arrears on April听15 and October听15 of each year at a rate of 1.375% per annum. All conversions of the Convertible Notes will be settled solely in cash, and not through the delivery of any securities.

Since the date of issuance, the conversion adjustment and other provisions of the indenture have been amended to give effect to certain transactions. The consideration due upon conversion of any Convertible Note shall be determined based on the Securities Basket, consisting of 0.1087 of a share of Series听A 麻豆最新出品 Braves common stock, 1.0163 shares of Series听A 麻豆最新出品 SiriusXM common stock and 0.25 of a share of Series听A 麻豆最新出品 Formula One common stock as of December 31, 2021.

Holders of the Convertible Notes may convert their notes at their option at any time prior to the close of business on the second business day immediately preceding the maturity date of the notes under certain circumstances. 麻豆最新出品 has elected to account for this instrument using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value. As of December听31, 2021, the Convertible Notes are classified as a current liability in the consolidated balance sheet, as the conversion conditions have been met as of such date.

Additionally, contemporaneously with the issuance of the Convertible Notes, 麻豆最新出品 entered into a bond hedge transaction (the 鈥淏ond Hedge Transaction鈥�). The Bond Hedge Transaction is expected to offset potential cash payments 麻豆最新出品 would be required to make in excess of the principal amount of the Convertible Notes, upon conversion of the notes in the event that the volume-weighted average price per share of the components of the Securities Basket, as measured under the cash convertible note hedge transactions on each trading day of the relevant cash settlement averaging period or other relevant valuation period, was greater than the strike price of the components of the Securities Basket. As of December 31, 2021, the Bond Hedge Transaction covered, in the aggregate, 5,271,475 shares of Series听A 麻豆最新出品 Formula One common stock, 21,429,600 shares of Series听A 麻豆最新出品 SiriusXM common stock and 2,292,037 shares of Series听A 麻豆最新出品 Braves common stock, subject to anti-dilution adjustments pertaining to the Convertible Notes, which is equal to the aggregate number of shares comprising the Securities Basket underlying the Convertible Notes. As of December听31, 2021, the basket price of the securities underlying the Bond Hedge Transaction was $69.64 per share. The bond hedge expires on October听15, 2023 and is included in Other current assets as of December听31, 2021 and Other assets as of December 31, 2020 in the accompanying consolidated balance sheets, with changes in the fair value recorded as unrealized gains (losses) on financial instruments in the accompanying consolidated statements of operations.

Concurrently with the Convertible Notes and Bond Hedge Transaction, 麻豆最新出品 also entered into separate privately negotiated warrant transactions under which 麻豆最新出品 sold warrants relating to the same underlying shares of Convertible Notes and Bond Hedge Transaction, subject to anti-dilution adjustments. The first expiration date of the warrants is January听16, 2024 and the remainder expire over a period covering 81 days thereafter. 麻豆最新出品 may elect to settle its delivery obligation under the warrant transactions with cash. As of December 31, 2021, the warrants covered, in the aggregate, 5,271,475 shares of Series听A 麻豆最新出品 Formula One common stock, 21,429,600 shares of Series听A 麻豆最新出品 SiriusXM common stock and 2,292,037 shares of Series听A 麻豆最新出品 Braves common stock, subject to anti-dilution adjustments. The strike price of the warrants, based on the basket of shares, was $61.16 per share as of December 31, 2021. As of December听31, 2021, the basket price of the securities underlying the warrants was $69.64 per share. The warrants may have a dilutive effect with respect to the shares comprising the Securities Basket underlying the warrants to the extent that the settlement price exceeds the strike price of the warrants, and the warrants are settled in shares comprising such Securities Basket.

The Convertible Notes, Bond Hedge Transaction and warrants were reattributed from the Formula One Group to the 麻豆最新出品 SiriusXM Group effective April 22, 2020.

1% Cash Convertible Notes due 2023

On January听23, 2017, 麻豆最新出品 issued $450听million cash convertible notes at an interest rate of 1% per annum, which are convertible, under certain circumstances, into cash based on the trading prices of the underlying shares of Series听C 麻豆最新出品 Formula One common stock and mature on January听30, 2023 (the 鈥�1% Convertible Notes鈥欌��). The initial conversion rate for the notes will be approximately 27.11听shares of Series听C 麻豆最新出品 Formula One common stock per $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $36.89听per share of Series听C 麻豆最新出品 Formula One common stock. The conversion of the 1% Convertible Notes will be settled solely in cash, and not through the delivery of any securities. As of December 31, 2021, the 1% Convertible Notes are classified as a current liability in the consolidated balance sheet, as the conversion conditions have been met as of such date.

2.25% Exchangeable Senior Debentures due 2046

On August听17, 2016, 麻豆最新出品 closed a private offering of approximately $445听million aggregate principal amount of its 2.25% exchangeable senior debentures due 2046 (the 鈥�2.25% Exchangeable Senior Debentures due 2046鈥�), and shares of the Company鈥檚 Time Warner, Inc. (鈥淭ime Warner鈥�) common stock were the reference shares attributable to the debentures. On June 14, 2018, AT&T Inc. (鈥淎T&T鈥�) acquired Time Warner in a stock-and-cash transaction. In accordance with the terms of the indenture governing the 2.25% Exchangeable Senior Debentures due 2046, the cash portion of the acquisition consideration was paid on June 22, 2018 as an extraordinary additional distribution to holders of debentures, and the stock portion of the acquisition consideration became reference shares attributable to the debentures. Also pursuant to the indenture, the original principal amount of the 2.25% Exchangeable Senior Debentures due 2046 was reduced by an amount equal to the extraordinary additional distribution of $229 million, calculated as $514.1295 per $1,000 original principal amount of debentures. Additionally, any amount of excess regular quarterly cash dividends paid on the AT&T reference shares were distributed by the Company to holders of the debentures as an additional distribution.

Holders of the debentures had the right to require the Company to purchase their debentures on October 5, 2021. In August 2021, 麻豆最新出品 issued a notice of redemption in full on October 5, 2021 of the 2.25% Exchangeable Senior Debentures due 2046. During the year ended December 31, 2021, the Company sold all of its approximately 6.11听million shares of AT&T common stock attributable to the debentures to fund the repurchase and redemption in full of such debentures. The debentures, as well as the associated cash proceeds, were attributed to the Formula One Group. 麻豆最新出品 elected to account for the debentures using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value.

2.125% Exchangeable Senior Debentures due 2048

On March 6, 2018, 麻豆最新出品 closed a private offering of approximately $400 million aggregate principal amount of its 2.125% exchangeable senior debentures due 2048 (the 鈥�2.125% Exchangeable Senior Debentures due 2048鈥�). Upon an exchange of debentures, 麻豆最新出品, at its option, may deliver Sirius XM Holdings common stock, Series C 麻豆最新出品 SiriusXM common stock, cash or a combination of Sirius XM Holdings common stock, Series C 麻豆最新出品 SiriusXM common stock and/or cash. The number of shares of Sirius XM Holdings common stock attributable to a debenture represents an initial exchange price of approximately $8.02 per share. A total of approximately 49.9 million shares of Sirius XM Holdings common stock are attributable to the debentures. Interest is payable quarterly on March 31, June 30, September 30 and December 31 of each year, commencing June 30, 2018. The debentures may be redeemed by 麻豆最新出品, in whole or in part, on or after April 7, 2023. Holders of the debentures also have the right to require 麻豆最新出品 to purchase their debentures on April 7, 2023. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest. The debentures, as well as the associated cash proceeds, were

attributed to the 麻豆最新出品 SiriusXM Group. 麻豆最新出品 has elected to account for the debentures using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value.

In accordance with the terms of the indenture governing the 2.125% Exchangeable Senior Debentures due 2048, on the fifth business day following 麻豆最新出品鈥檚 receipt of Sirius XM Holdings鈥� special cash dividend, as described in note 13, 麻豆最新出品 will make an extraordinary cash distribution of $31.1731 per debenture to holders of the 2.125% Exchangeable Senior Debentures due 2048. Also pursuant to the indenture, the original principal amount of the 2.125% Exchangeable Senior Debentures due 2048 will be reduced by an amount equal to the extraordinary distribution of approximately $13 million.

鈥�

2.25% Exchangeable Senior Debentures due 2048

In December 2018, 麻豆最新出品 closed a private offering of approximately $385 million aggregate principal amount of its 2.25% exchangeable senior debentures due 2048 (the 鈥�2.25% Exchangeable Senior Debentures due 2048鈥�). The number of shares of Live Nation common stock attributable to a debenture represented an initial exchange price of approximately $66.28 per share and a total of approximately 5.8 million shares of Live Nation common stock were attributable to the debentures. Interest was payable quarterly on March 1, June 1, September 1 and December 1 of each year. Holders of the debentures had the right to require 麻豆最新出品 to purchase their debentures on December 1, 2021. Accordingly, the debentures are classified as a current liability in the consolidated balance sheet as of December 31, 2021. In October 2021, 麻豆最新出品 issued a notice of redemption in full on December 1, 2021 of the 2.25% Exchangeable Debentures due 2048. All Holders exercised their right to exchange the debentures in the fourth quarter and, pursuant to a supplemental indenture entered into in September 2021, 麻豆最新出品 delivered cash upon settlement of the exchange of debentures. In January 2022, the exchanges of debentures were settled for $664 million. The debentures were reattributed from the Formula One Group to the 麻豆最新出品 SiriusXM Group effective April 22, 2020. 麻豆最新出品 elected to account for the debentures using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value.

2.75% Exchangeable Senior Debentures due 2049

On November 26, 2019, 麻豆最新出品 closed a private offering of approximately $604 million aggregate principal amount of its 2.75% exchangeable senior debentures due 2049 (the 鈥�2.75% Exchangeable Senior Debentures due 2049鈥�). Upon an exchange of debentures, 麻豆最新出品, at its option, may deliver Sirius XM Holdings common stock, Series C 麻豆最新出品 SiriusXM common stock, cash or a combination of Sirius XM Holdings common stock, Series C 麻豆最新出品 SiriusXM common stock and/or cash. The number of shares of Sirius XM Holdings common stock attributable to a debenture represents an initial exchange price of approximately $8.62 per share. A total of approximately 70 million shares of Sirius XM Holdings common stock are attributable to the debentures. Interest is payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, commencing March 1, 2020. The debentures may be redeemed by 麻豆最新出品, in whole or in part, on or after December 1, 2024. Holders of the debentures also have the right to require 麻豆最新出品 to purchase their debentures on December 1, 2024. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest to the redemption date, plus any final period distribution. The debentures, as well as the associated cash proceeds, were attributed to the 麻豆最新出品 SiriusXM Group. 麻豆最新出品 has elected to account for the debentures using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value.

In accordance with the terms of the indenture governing the 2.75% Exchangeable Senior Debentures due 2049, on the fifth business day following 麻豆最新出品鈥檚 receipt of Sirius XM Holdings鈥� special cash dividend, as described in note 13, 麻豆最新出品 will make an extraordinary cash distribution of $29.0057 per debenture to holders of the 2.75% Exchangeable Senior Debentures due 2049. Also pursuant to the indenture, the original principal amount of the 2.75% Exchangeable Senior Debentures due 2049 will be reduced by an amount equal to the extraordinary distribution of approximately $18 million.

鈥�

0.5% Exchangeable Senior Debentures due 2050

鈥�

In November 2020, 麻豆最新出品 closed a private offering of approximately $920 million aggregate principal amount of its 0.5% exchangeable senior debentures due 2050 (the 鈥�0.5% Exchangeable Senior Debentures due 2050鈥�). Upon an exchange of debentures, 麻豆最新出品, at its option, may deliver Live Nation common stock, cash or a combination of Live Nation common stock and/or cash. The number of shares of Live Nation common stock attributable to a debenture represents an initial exchange price of approximately $90.10 per share. A total of approximately 10 million shares of Live Nation common stock are attributable to the debentures. Interest is payable quarterly on March 1, June 1, September 1 and December 1 of each year, commencing March 1, 2021. The debentures may be redeemed by 麻豆最新出品, in whole or in part, on or after September 1, 2024. Holders of the debentures also have the right to require 麻豆最新出品 to purchase their debentures on September 1, 2024. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest to the redemption date, plus any final period distribution. The debentures, as well as the associated cash proceeds, were attributed to the 麻豆最新出品 SiriusXM Group. 麻豆最新出品 has elected to account for the debentures using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value.

Margin Loans

Sirius XM Holdings Margin Loan

In March 2019 and March 2020, 麻豆最新出品 Siri MarginCo, LLC (鈥淪iri MarginCo鈥�), a wholly-owned subsidiary of 麻豆最新出品, amended its margin loan agreement secured by shares of Sirius XM Holdings common stock (the 鈥淪irius XM Holdings Margin Loan鈥�) that was comprised of a $250 million term loan, $500 million revolving line of credit and a $600 million delayed draw term loan. The term loan, delayed draw term loan and any drawn portion of the revolver carried an interest rate of LIBOR plus 2.05% with the undrawn portion carrying a fee of 0.75%. Borrowings outstanding under the Sirius XM Holdings Margin Loan bore interest at a rate of 2.30% and 3.99% per annum at December 31, 2020 and 2019, respectively.

On February 24, 2021, Siri MarginCo borrowed $125 million pursuant to an amendment to this margin loan agreement which includes an $875 million term loan and an $875 million revolving line of credit. Also pursuant to the amendment, the maturity was extended to March 2024. The term loan and any drawn portion of the revolver will carry an interest rate of LIBOR plus 2.00% with the undrawn portion carrying a fee of 0.50%. Borrowings outstanding under the Sirius XM Holdings Margin Loan bore interest at a rate of 2.22% per annum at December 31, 2021. As of December 31, 2021, availability under the Sirius XM Holdings Margin Loan was $875 million. As of December 31, 2021, 1,000 million shares of the Company鈥檚 Sirius XM Holdings common stock with a value of $6,350 million were pledged as collateral to the Sirius XM Holdings Margin Loan. The margin loan contains various affirmative and negative covenants that restrict the activities of the borrower. The margin loan does not include any financial covenants. Other terms of the agreement were substantially similar to the previous arrangement.

Live Nation Margin Loan

On December听10, 2018, LMC LYV, a wholly owned subsidiary of 麻豆最新出品, amended the Live Nation Margin Loan agreement, increasing the borrowing capacity to $600 million, decreasing the interest rate to LIBOR plus 1.80% and increasing the undrawn commitment fee to either 0.75% or 0.85% per annum (based on the undrawn amount). On March 19, 2020, the Company repaid all amounts outstanding on the margin loan. On March 27, 2020, the margin loan agreement was amended, reducing the borrowing capacity to $270 million. On November 9, 2020, the margin loan was amended, reducing the borrowing capacity to $200 million, increasing the interest rate to LIBOR plus 2.0%, decreasing the undrawn commitment fee to 0.5% per annum and extending the maturity date to December 9, 2022. On December 3, 2021, the

margin loan was amended, increasing the borrowing capacity to $400 million. Interest on the margin loan is payable on the last business day of each calendar quarter. As of December 31, 2021, availability under the Live Nation Margin Loan was $400听million. As of December 31, 2021, 9.0 million shares of the Company鈥檚 Live Nation common stock with a value of $1,074听million were pledged as collateral to the loan. The Live Nation Margin Loan contains various affirmative and negative covenants that restrict the activities of the borrower. The loan agreement does not include any financial covenants.

Sirius XM Holdings Senior Notes and Senior Secured Revolving Credit Facility

Sirius XM 3.875% Senior Notes due 2022, Sirius XM 4.625% Senior Notes due 2024 and Sirius XM 5.375% Senior Notes due 2026

In August 2021, Sirius XM Holdings redeemed the $1.0 billion aggregate principal amount of the 3.875% Senior Notes due 2022 for $1,019 million and $1.5 billion aggregate principal amount of the 4.625% Senior Notes due 2024 for $1,541 million. In September 2021, Sirius XM Holdings redeemed the $1.0 billion aggregate principal amount of the 5.375% Senior Notes due 2026 for $1,034 million. Sirius XM Holdings recognized $83 million of losses on extinguishment of debt during the year ended December 31, 2021 as a result of these redemptions.

Sirius XM 3.125% Senior Notes Due 2026 and Sirius XM 3.875% Senior Notes Due 2031

In August 2021, Sirius XM Holdings issued $1.0 billion aggregate principal amount of 3.125% Senior Notes due 2026 (the 鈥�3.125% Notes鈥�) and $1.5 billion aggregate principal amount of 3.875% Senior Notes due 2031 (the 鈥�3.875% Notes鈥�). Interest on the 3.125% Notes and 3.875% Notes is payable semi-annually on March 1 and September 1. The 3.125% Notes mature on September 1, 2026 and the 3.875% Notes mature on September 1, 2031. Substantially all of Sirius XM Holdings鈥� domestic wholly-owned subsidiaries guarantee Sirius XM Holdings鈥� obligations under the notes. Sirius XM Holdings used the net proceeds to redeem all of its 4.625% Senior Notes due 2024 and all of its 5.375% Senior Notes due 2026.

Sirius XM 5.00% Senior Notes due 2027

In July 2017, Sirius XM Holdings issued $1.5 billion aggregate principal amount of 5.00% Senior Notes due 2027 (the 鈥�5.00% Notes鈥�). Interest is payable semi-annually in arrears on February听1 and August听1. The 5.00% Notes will mature on August听1, 2027. The 5.00% notes are recorded net of the remaining unamortized discount. Substantially all of Sirius XM Holdings鈥� domestic wholly-owned subsidiaries guarantee Sirius XM Holdings鈥� obligations under the notes.

Sirius XM 4.0% Senior Notes Due 2028

In June 2021, Sirius XM issued $2.0 billion aggregate principal amount of 4.0% Senior Notes due 2028 (the 鈥�4.0% Notes鈥�). Interest is payable semi-annually in arrears on January 15 and July 15 of each year at a rate of 4.0% per annum. The 4.0% Notes will mature on July 15, 2028. Substantially all of Sirius XM Holdings鈥� domestic wholly-owned subsidiaries guarantee Sirius XM Holdings鈥� obligations under the notes. Sirius XM Holdings used a portion of the net proceeds from the offering to repay borrowings outstanding under its Credit Facility, as defined below, and redeemed all of its 3.875% Senior Notes due 2022.

Sirius XM 5.50% Senior Notes due 2029

In June 2019, Sirius XM Holdings issued $1.25 billion aggregate principal amount of 5.50% Senior Notes due 2029 (the 鈥�5.50% Notes鈥�). Interest is payable semi-annually in arrears on January 1 and July 1 of each year at an annual rate of 5.50%. The 5.50% Notes will mature on July 1, 2029 and are recorded net of the remaining unamortized discount.

Substantially all of Sirius XM Holdings鈥� domestic wholly-owned subsidiaries guarantee Sirius XM Holdings鈥� obligations under the notes.

Sirius XM 4.125% Senior Notes due 2030

In June 2020, Sirius XM Holdings issued $1.5听billion aggregate principal amount of听4.125% Senior Notes due 2030 (the 鈥�4.125% Notes鈥�). Interest is payable semi-annually in arrears on January 1 and July 1 of each year at an annual rate of听4.125%. The听4.125% Notes will mature on July 1, 2030 and are recorded net of the remaining unamortized discount. Substantially all of Sirius XM Holdings鈥� domestic wholly-owned subsidiaries guarantee Sirius XM Holdings鈥� obligations under the notes.

Pandora 1.75% Convertible Senior Notes due 2023

Sirius XM Holdings acquired $193 million principal amount of the 1.75% Convertible Senior Notes due 2023 (the 鈥淧andora Notes due 2023鈥�) as part of the Pandora acquisition. Sirius XM Holdings allocates the principal amount of the Pandora Notes due 2023 between the liability and equity components. The value assigned to the debt components of the Pandora Notes due 2023 is the estimated fair value as of the issuance date of similar debt without the conversion feature. The difference between the fair value of the debt and this estimated fair value represents the value which has been assigned to the equity component. The equity component is recorded to noncontrolling interest in equity of subsidiaries and is not remeasured as long as it continues to meet the conditions for equity classification. The excess of the principal amount of the Pandora Notes due 2023 over the carrying amount of the liability component is recorded as a debt discount, and is being amortized to interest expense using the effective interest method through the December 1, 2023 maturity date. As of December 31, 2021, the conversion rate applicable to the Pandora Notes due 2023 was 153.7797 shares of Sirius XM Holdings鈥� common stock per one thousand principal amount of the Pandora Notes due 2023 plus carryforward adjustments not yet effected pursuant to the terms of the indenture governing the Pandora Notes due 2023. The Pandora Notes due 2023 were not convertible into Sirius XM Holdings鈥� common stock and not redeemable as of December 31, 2021.

Sirius XM Holdings Senior Secured Revolving Credit Facility

Sirius XM Holdings entered into a Senior Secured Revolving Credit Facility (the 鈥淐redit Facility鈥�) with a syndicate of financial institutions with a total borrowing capacity of $1,750听million which matures in August 2026. The Credit Facility is guaranteed by certain of Sirius XM Holdings鈥� material domestic subsidiaries and is secured by a lien on substantially all of Sirius XM Holdings鈥� assets and the assets of its material domestic subsidiaries. Interest on borrowings is payable on a monthly basis and accrues at a rate based on LIBOR plus an applicable rate. Sirius XM Holdings is required to pay a variable fee on the average daily unused portion of the Credit Facility which was 0.25% per annum as of December 31, 2021 and is payable on a quarterly basis. The Credit Facility contains customary covenants, including a maintenance covenant. As the amount available for future borrowings is reduced by $1 million related to Pandora letters of credit, availability under the Credit Facility was $1,749听million as of December 31, 2021.

Braves Holdings Notes and Loans

Braves Holdings鈥� debt, primarily related to the stadium and mixed-use complex, is summarized as follows:

鈥�

鈥�

Formula 1 Loans

Formula听1 has a first lien term loan denominated in U.S. Dollars (the 鈥淪enior Loan Facility鈥�) that matures in 2024, which includes a $500听million revolving credit facility. On May 23, 2019, Formula 1 refinanced the revolving credit facility, to extend the maturity and amend the pricing grid, resulting in an applicable interest rate of LIBOR plus 2.0% per annum prior to June 30, 2020. The subsequent increase in leverage as a result of the impact of COVID-19 on Formula 1 resulted in an increase to the maximum level on the pricing grid, LIBOR plus 2.5% per annum. The revolving credit facility matures on May 31, 2024, unless the Senior Loan Facility is outstanding, in which case the revolving credit facility matures on November 3, 2023. As of December 31, 2021, there were no outstanding borrowings under the $500 million revolving credit facility. The interest rate on the Senior Loan Facility was approximately 3.50% as of December 31, 2021. The Senior Loan Facility is secured by share pledges, bank accounts and floating charges over Formula听1鈥檚 primary operating companies with certain cross guarantees. Additionally, as of December 31, 2021, Formula听1 has interest rate swaps on $2.1 billion of the $2.9 billion Senior Loan Facility in order to manage its interest rate risk.

Debt Covenants

The Sirius XM Holdings Credit Facility contains certain financial covenants related to Sirius XM Holdings鈥� leverage ratio. Braves Holdings鈥� debt contains certain financial covenants related to Braves Holdings鈥� debt service coverage ratio, fixed charge coverage ratio and debt yield ratio. The Formula 1 Senior Loan Facility contains certain financial covenants, including a leverage ratio. Additionally, Sirius XM Holdings鈥� Credit Facility, Braves Holdings鈥� debt, Formula听1 debt and other borrowings contain certain non-financial covenants. As of December 31, 2021, the Company, Sirius XM Holdings, Formula听1 and Braves Holdings were in compliance with all debt covenants. Pursuant to an amendment to the Senior Loan Facility on June 26, 2020, subject to compliance by Formula 1 with certain financial conditions, the net leverage financial covenant does not apply until it is tested for the period of four consecutive quarters ending with the quarter ended March 31, 2022. The relevant conditions applicable to Formula 1 include the maintenance of minimum liquidity (comprised of unrestricted cash and cash equivalent investments and available revolving credit

facility commitments) of $200 million and certain restrictions on dividends, other payments and the incurrence of additional debt. On January 29, 2021, Braves Holdings amended one of the debt agreements of the mixed-use loans, modifying the calculation of the debt yield from June 30, 2021 through the quarter ending December 31, 2021, subject to certain other conditions.

鈥�

Fair Value of Debt

The fair values, based on quoted market prices of the same instruments but not considered to be active markets (Level听2), of Sirius XM Holdings鈥� publicly traded debt securities, not reported at fair value, are as follows (amounts in millions):

鈥�

Due to the variable rate nature of the Credit Facility, margin loans and other debt, the Company believes that the carrying amount approximates fair value at December听31, 2021.

Five Year Maturities

The annual principal maturities of outstanding debt obligations for each of the next five years is as follows (amounts in millions):

鈥�