Sirius XM Radio to price $750 million 10-year notes on Tuesday

By Paul A. Harris

Portland, Ore., March 3 – Sirius XM Radio Inc., a subsidiary of SiriusXM, plans to price a $750 million offering of 10-year senior notes (expected ratings B1/BB) Tuesday afternoon following a late-morning conference call with investors, according to a market source.

The early yield guidance is 5¼% to 5½%, according to a trader.

J.P. Morgan Securities LLC, Barclays, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC are the joint bookrunners for the Rule 144A and Regulation S for life offering.

BofA Merrill Lynch, BMO Securities, BNP Paribas Securities Corp., Credit Agricole CIB, RBC Capital Markets and U.S. Bancorp Investments Inc. are the co-managers.

The notes come with five years of call protection.

The New York-based radio broadcaster plans to use the proceeds for general corporate purposes, which may include debt repayment, including paying down the revolver, and dividends or loans to SiriusXM, as well as to fund repurchases of SiriusXM common stock.

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