Sirius XM to price $600 million seven-year notes in Thursday drive-by

By Paul A. Harris

Portland, Ore. Sept. 19 - Sirius XM Radio Inc. plans to price a $600 million offering of seven-year senior notes (expected ratings B1/BB) Thursday, according to a market source.

J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co. Inc., BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc. and RBC Capital Markets Corp. are the joint bookrunners for the Rule 144A for life and Regulation S notes offer.

The notes come with three years of call protection.

The New York-based satellite radio broadcaster plans to use the proceeds, together with cash on hand, to redeem its outstanding 7 5/8% senior notes due 2018.

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