Published on 6/18/2019 in the Prospect News High Yield Daily.
New Issue: SiriusXM prices upsized $1.5 billion 4 5/8% five-year notes at par
By Paul A. Harris
Portland, Ore., June 18 – Sirius XM Radio Inc. doubled the size of its deal to $1.5 billion, pricing its issue of five-year senior notes (Ba3/BB) at par to yield 4 5/8% on Tuesday, according to market sources.
The issue, which came into the market sized at $750 million, priced at the tight end of yield talk in the 4¾% area.
J.P. Morgan Securities LLC, Barclays, Citigroup Global Markets Inc., BofA Securities Inc., BMO Securities, BNP Paribas Securities Corp., Credit Agricole CIB, Goldman Sachs & Co. LLC, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc., Scotia Capital, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC were the joint bookrunners.
Proceeds will be used to redeem a portion of the company’s 6% senior notes due 2024 at 103.
The issuer is a subsidiary of SiriusXM, a New York-based audio entertainment company.
| Issuer: | Sirius XM Radio Inc.
|
| Amount: | $1.5 billion
|
| Maturity: | July 15, 2024
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Barclays, Citigroup Global Markets Inc., BofA Securities Inc., BMO Securities, BNP Paribas Securities Corp., Credit Agricole CIB, Goldman Sachs & Co. LLC, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc., Scotia Capital, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC
|
| Coupon: | 4 5/8%
|
| Price: | Par
|
| Yield: | 4 5/8%
|
| Spread: | 279 bps
|
| Call protection: | Two years
|
| Trade date: | June 18
|
| Settlement date: | July 2
|
| Ratings: | Moody's: Ba3
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4 ¾% area
|
| Marketing: | Quick to market
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