SiriusXM to pay down revolver debt using $750 million note proceeds

By Susanna Moon

Chicago, May 18 – SiriusXM said it plans to repay the debt outstanding under its revolving credit facility using proceeds from a new notes issue.

The company’s subsidiary Sirius XM Radio Inc. plans to price $750 million of senior notes due 2026 under Rule 144A and Regulation S, according to a company announcement.

Remaining proceeds will be used for general corporate purposes, which may include the repayment, repurchase, redemption, defeasance or tender of its outstanding debt, and any future borrowings under the company’s revolving credit facility, dividends or loans to SiriusXM, its parent corporation, to fund share repurchases of common stock and the payment of the cash paid for the recapitalization of Sirius XM Canada Holdings Inc., the release noted.

Sirius XM Holdings Inc. is a New York-based radio broadcaster.

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