Moody's assigns Ba3 to Sirius XM notes

Moody's Investors Service said it assigned a Ba3 rating to Sirius XM Radio Inc.'s proposed offering of seven-year senior notes totaling $1.5 billion.

Sirius XM's Ba3 corporate family rating, Ba3-PD probability of default rating, Ba3 senior notes rating and stable outlook remain unchanged.

Proceeds will be used to fully repay the $1 billion outstanding 3 7/8% senior notes due Aug, 1, 2022 and reduce borrowings under the $1.75 billion revolving credit facility, which had approximately $1 billion outstanding at March 31.

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