Sirius XM’s Pandora offers to buy back 1.75% convertibles due 2020

By Marisa Wong

Morgantown, W.Va., Feb. 14 – Sirius XM Holdings Inc. announced that wholly owned subsidiary Pandora Media, LLC has begun an offer to repurchase for cash any and all of its $152,051,000 outstanding 1.75% convertible senior notes due 2020.

Pandora is offering to purchase the notes at par plus accrued interest to but excluding the repurchase date.

The offer will expire at 11:59 p.m. ET on March 14.

Tenders may be withdrawn at any time at or before the expiration date.

The offer is being made according to the terms of the notes, which require Pandora to launch a repurchase offer for the notes within 10 business days from Feb. 1, which was the date Sirius XM closed its acquisition of Pandora.

Settlement is slated for March 18.

D.F. King & Co., Inc. (800 676-7437 or 212 269-5550 for bankers and brokers) is acting as the tender agent and information agent for the repurchase offer.

Sirius XM is a New York-based audio entertainment company. Pandora is a streaming music provider.

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