Sirius XM plans to price $600 million eight-year notes Monday

By Paul A. Harris and Aleesia Forni

Virginia Beach, Va., July 29 - Sirius XM Radio Inc. is planning to price $600 million eight-year senior notes (existing ratings B1/BB) on Monday, according to a market source.

BofA Merrill Lynch is the left bookrunner, and Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Morgan Stanley & Co. LLC and SunTrust Robinson Humphrey Inc. are the joint bookrunners.

Barclays, BNP Paribas Securities Corp., RBC Capital Markets LLC, RBS Securities Inc. and Wells Fargo Securities LLC are the senior co-managers.

U.S. Bancorp Investments Inc. and BMO Capital Markets Corp. are the junior co-managers.

The Rule 144A for life notes will be non-callable for three years and feature a three-year 35% equity clawback and a 101% poison put.

Proceeds, along with cash on hand, will be used to redeem the company's 8¾% senior notes due 2015.

The New York-based satellite radio provider had scheduled an investor call 11 a.m. ET on Monday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.