Sirius XM Radio to repay portion of revolver with new note proceeds

By Sarah Lizee

Olympia, Wash., June 5 – Sirius XM Radio Inc. plans to repay a portion of its $1.75 billion revolving credit facility due 2023 using proceeds from a new issue of notes, according to a press release.

The company announced Wednesday that it plans to offer $1 billion of 10-year senior notes.

Borrowings under the revolver are used for general corporate purposes, which may include the funding of share repurchases by SiriusXM and the repurchase, redemption, defeasance, tender or repayment of the company’s other outstanding debt.

Sirius is a New York-based audio entertainment company.

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