麻豆最新出品

(9)听听Debt

Debt is summarized as follows:

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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. Interest on the Convertible Notes was payable semi-annually in arrears on April听15 and October听15 of each year at a rate of 1.375% per annum. The consideration due upon conversion of the Convertible Notes was based on the product of the conversion rate specified in the indenture and the underlying basket of 麻豆最新出品 tracking stocks (the 鈥淪ecurities Basket鈥�). Since the date of issuance, the conversion adjustment and other provisions of the indenture were amended to give effect to certain transactions, including the Split-Off, the Formula One Distribution and the Reclassification, each described in note 2. The Convertible Notes were settled solely in cash, and not through the delivery of any securities. During the years ended December 31, 2023 and 2022, 麻豆最新出品 paid approximately $882 million and $284 million, respectively, to repurchase approximately $790 million and $210 million aggregate principal amount of the Convertible Notes, respectively. 麻豆最新出品 elected to account for the Convertible Notes using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value. The Convertible Notes matured on October听15, 2023 and were classified as a current liability as of December 31, 2022 in the accompanying consolidated balance sheets.

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 was 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. During the years ended December 31, 2023 and 2022, 麻豆最新出品 received approximately $104 million and $72 million, respectively, for the settlement of the portion of the bond hedge related to the repurchase of Convertible Notes described above. The bond hedge expired on October听15, 2023 and was included in Other current assets as of December听31, 2022 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 the Convertible Notes and Bond Hedge Transaction, subject to anti-dilution adjustments. 麻豆最新出品 could elect to settle its delivery obligation under the warrant transactions with cash. During the years ended December 31, 2023 and 2022, 麻豆最新出品 paid approximately $51 million and $45 million, respectively, for the settlement of the portion of the obligation under the warrants related to the repurchase of Convertible Notes described above.

The Convertible Notes, Bond Hedge Transaction and warrants were attributed to the 麻豆最新出品 SiriusXM Group.

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 were 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 matured on January听30, 2023 (the 鈥�1% Convertible Notes鈥�). The initial conversion rate for the notes was 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 was settled solely in cash, and not through the delivery of any securities. During the year ended December 31, 2022, 麻豆最新出品 paid approximately $630 million to repurchase approximately $359 million aggregate principal amount of the 1% Convertible Notes. In January 2023, 麻豆最新出品 paid approximately $47 million to settle the remaining 1% Convertible Notes.

2.25% Convertible Senior Notes due 2027

On August 12, 2022, 麻豆最新出品 issued $475 million convertible notes at an interest rate of 2.25% per annum, which, at 麻豆最新出品鈥檚 election, are convertible into cash, shares of Series C 麻豆最新出品 Formula One common stock or a combination of cash and shares of Series C 麻豆最新出品 Formula One common stock and mature on August 15, 2027. As of December 31, 2023, the conversion rate for the notes is approximately 12.0505听shares of Series 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 $82.98听per share of Series C 麻豆最新出品 Formula One common stock. The notes are attributed to the Formula One Group. 麻豆最新出品 has elected to account for the notes using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value.

3.75% Convertible Senior Notes due 2028

On March 10, 2023, 麻豆最新出品 issued $575 million convertible notes at an interest rate of 3.75% per annum, which, at 麻豆最新出品鈥檚 election, are convertible into cash, shares of Series A 麻豆最新出品 SiriusXM common stock or a combination of cash and shares of Series A 麻豆最新出品 SiriusXM common stock and mature on March 15, 2028. As of December 31, 2023, the conversion rate for the notes is approximately 35.4563听shares of Series A 麻豆最新出品 SiriusXM common stock per $1,000 principal amount of notes, equivalent to a conversion price of approximately $28.20听per share of Series A 麻豆最新出品 SiriusXM common stock. The notes are attributed to the 麻豆最新出品 SiriusXM Group. 麻豆最新出品 has elected to account for the notes 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, pursuant to a supplemental indenture entered into in February 2023, 麻豆最新出品 could deliver solely cash to satisfy its exchange obligations. The number of shares of Sirius XM Holdings common stock attributable to a debenture represented an initial exchange price of approximately $8.02 per share. A total of approximately 49.9 million shares of Sirius XM Holdings common stock were attributable to the debentures. Interest was payable quarterly on March 31, June 30, September 30 and December 31 of each year. The debentures could 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 had the right to require 麻豆最新出品 to purchase their debentures on April 7, 2023. Accordingly, the 2.125% Exchangeable Senior Debentures due 2048 are classified as a current liability in the consolidated balance sheet as of December 31, 2022. During the year ended December 31, 2023, 麻豆最新出品 paid approximately $387 million to repurchase the remaining $387 million aggregate principal amount of the debentures. The debentures were attributed to the 麻豆最新出品 SiriusXM 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.

2.75% 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. Accordingly, the 2.75% Exchangeable Senior Debentures due 2049 are classified

as a current liability in the consolidated balance sheet as of December 31, 2023. 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 are 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.

0.5% Exchangeable Senior Debentures due 2050

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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. 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. During the year ended December 31, 2023, 麻豆最新出品 paid approximately $918 million to repurchase $858 million aggregate principal amount of the debentures. As of December 31, 2023, approximately 1 million shares of Live Nation common stock are attributable to the debentures. 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. On August 3, 2023, in connection with the Reclassification, as described in note 2, the debentures were reattributed from the 麻豆最新出品 SiriusXM Group to the 麻豆最新出品 Live Group.

2.375% Exchangeable Senior Debentures due 2053

In September 2023, 麻豆最新出品 closed a private offering of approximately $1.15 billion aggregate principal amount of its 2.375% exchangeable senior debentures due 2053 (the 鈥�2.375% Exchangeable Senior Debentures due 2053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 $104.91 per share. A total of approximately 11 million shares of Live Nation common stock are attributable to the debentures. Interest is payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year, commencing December 31, 2023. The debentures may be redeemed by 麻豆最新出品, in whole or in part, on or after September 30, 2028. Holders of the debentures also have the right to require 麻豆最新出品 to purchase their debentures on September 30, 2028. 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 are attributed to the 麻豆最新出品 Live 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.

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Margin Loans

Sirius XM Holdings Margin Loan

In February 2021, 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, borrowed $125 million pursuant to an amendment to 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 an $875 million term loan and an $875 million revolving line of credit. The term loan and any drawn portion of the revolver carried an interest rate of LIBOR plus 2.00% with the undrawn portion carrying a fee of 0.50%. In March 2023, Siri MarginCo amended the Sirius XM Holdings Margin Loan, increasing the revolving line of credit to $1,075 million, extending the maturity to March 2026 and changing

the interest rate to the Secured Overnight Financing Rate (鈥淪OFR鈥�) plus 2.25%. During the year ended December 31, 2023, Siri MarginCo repaid $180 million of borrowings outstanding under the term loan. Borrowings outstanding under the Sirius XM Holdings Margin Loan bore interest at a rate of 7.60% and 6.73% per annum at December 31, 2023 and 2022, respectively. As of December 31, 2023, availability under the Sirius XM Holdings Margin Loan was $1,075 million. As of December 31, 2023, 1.0 billion shares of the Company鈥檚 Sirius XM Holdings common stock with a value of $5,470 million were held in collateral accounts related 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.

Live Nation Margin Loan

On November 9, 2020, LMC LYV, a wholly owned subsidiary of 麻豆最新出品, amended the Live Nation Margin Loan agreement, reducing the borrowing capacity to $200 million, increasing the interest rate to LIBOR plus 2.0% and decreasing the undrawn commitment fee to 0.5% per annum. On December 3, 2021, the margin loan was amended, increasing the borrowing capacity to $400 million. On May 9, 2022, the margin loan was amended, replacing the delayed draw term loan with a $400 million revolving line of credit and changing the interest rate to the Adjusted Term SOFR plus Term SOFR Adjustment (0.1%) plus 2.0%. On September 5, 2023, the Live Nation Margin Loan agreement was amended to, among other things, extend the maturity date to September 9, 2026 and change the interest rate to Term SOFR plus 2%. Interest on the margin loan is payable on the last business day of each calendar quarter. As of December 31, 2023, availability under the Live Nation Margin Loan was $400听million. As of December 31, 2023, 9.0 million shares of the Company鈥檚 Live Nation common stock with a value of $840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. On August 3, 2023, in connection with the Reclassification, as described in note 2, the Live Nation Margin Loan was reattributed from the 麻豆最新出品 SiriusXM Group to the 麻豆最新出品 Live Group.

Sirius XM Holdings Senior Notes

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 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 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 in February 2019. Prior to the adoption of ASU 2020-06, as described in note 3, Sirius XM Holdings allocated the principal amount of the Pandora Notes due 2023 between the liability and equity components. Upon adoption of ASU 2020-06 on January 1, 2022, as further described in note 3, the separation model for convertible debt with cash conversion features was removed and, as a result, Sirius XM Holdings recorded an immaterial adjustment to the carrying value of the Pandora Notes due 2023 and a corresponding cumulative effect adjustment to retained earnings. During the year ended December 31, 2023, certain investors exercised their right to require a Special Repurchase, as defined in the indenture governing such notes, and Pandora repurchased $173 million principal amount of the Pandora Notes due 2023 with cash for an aggregate purchase price equal to 100% of the principal amount of the notes repurchased plus accrued and unpaid interest to the date of repurchase. In December 2023, Sirius XM Holdings retired the remaining $20 million outstanding principal amount of the Pandora Notes due 2023 at maturity with cash for 100% of the principal amount plus accrued and unpaid interest to the date of maturity.

Sirius XM Holdings Senior Secured Revolving Credit Facility and Incremental Term Loan

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, effective as of July 1, 2023, accrues at a rate based on SOFR plus an applicable rate. Borrowings outstanding under the Credit Facility bore interest at a rate of 5.89% per annum as of December 31, 2022. 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, 2023 and is payable on a quarterly basis. The Credit Facility contains customary

covenants, including a maintenance covenant. Availability under the Credit Facility was $1,750听million as of December 31, 2023.

On April 11, 2022, Sirius XM Holdings entered into an amendment to the Credit Facility to incorporate an incremental term loan borrowing of $500 million which matures on April 11, 2024. Interest on the incremental term loan borrowing is based on SOFR plus an applicable rate. Borrowings outstanding under the incremental term loan bore interest at a rate of 6.49% and 5.36% per annum as of December 31, 2023 and 2022, respectively.

On January 26, 2024, Sirius XM entered into an amendment to the Credit Facility which provides for certain changes to the Credit Agreement, including the addition of a $1.1 billion incremental term loan.

Formula 1 Loans

On November 23, 2022, Formula 1 refinanced its previous $2.9 billion first lien Term Loan B and $500 million revolving credit facility with a new $725 million first lien Term Loan A, a refinanced $1.7 billion Term Loan B and a new $500 million revolving credit facility (collectively, the 鈥淪enior Loan Facility鈥�). The Term Loan A and revolving credit facility mature on January 15, 2028 and the Term Loan B matures on January 15, 2030. 听As of December 31, 2023, there were no outstanding borrowings under the $500 million revolving credit facility. The margin for the Term Loan B, originally set at 3.25%, stepped down to 3.00% effective May 5, 2023, after a certain leverage test was met as of March 31, 2023. Formula 1 repriced the Term Loan B on October 4, 2023, reducing the margin to 2.25%. The margin for the Term Loan A and revolving credit facility is between 1.50% and 2.25% depending on leverage ratios, amongst other things, and was fixed at 1.75% for the first year and reduced to 1.5% effective November 24, 2023. The reference rate for the Term Loan A, Term Loan B and dollar borrowings under the revolving credit facility is Term SOFR. The interest rate on the Senior Loan Facility was approximately 7.38% and 7.12% as of December 31, 2023 and 2022, respectively. The Senior Loan Facility remains non-recourse to 麻豆最新出品 Media. The Senior Loan Facility is secured by share pledges and floating charges over Formula听1鈥檚 primary operating companies with certain cross guarantees. Additionally, in order to manage the interest rate risk of its $2.4 billion Senior Loan Facility, Formula听1 had $2.1 billion of interest rate swaps that expired on December 31, 2023, and has $1.7 billion of interest rate swaps, effective December 31, 2023, with a termination date in December 2029 and an optional early termination date in December 2027.

Debt Covenants

The Sirius XM Holdings Credit Facility contains certain financial covenants related to Sirius XM Holdings鈥� leverage ratio. The Formula 1 Senior Loan Facility contains certain financial covenants, including a leverage ratio. Additionally, Sirius XM Holdings鈥� Credit Facility, Formula听1 debt and other borrowings contain certain non-financial covenants. As of December 31, 2023, the Company, Sirius XM Holdings and Formula听1 were in compliance with all debt covenants.

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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):

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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, 2023.

Five Year Maturities

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

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