Sirius to pay down some revolver debt, redeem notes via new issue

By Susanna Moon

Chicago, June 26 – SiriusXM said subsidiary Sirius XM Radio Inc. plans to repay some of the $1 billion debt outstanding under its revolving credit facility using proceeds of new notes.

Sirius plans to price $500 million of senior notes due 2022 and $1 billion of senior notes due 2027 under Rule 144A and Regulation S, according to a company announcement.

Sirius also plans to redeem its $500 million of 4¼% senior notes due 2020 and its $600 million of 5¾% senior notes due 2021 with any remaining proceeds to be used for cash on hand.

The 4¼% notes are redeemable at 101.063% of par and the 5¾% notes are redeemable beginning Aug. 1 at 102.875% of par plus accrued interest.

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

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