Sirius XM buys back $130 million outstanding debt in second quarter

By Susanna Moon

Chicago, July 25 - Sirius XM Radio Inc. repurchased about $130 million principal amount of its outstanding debt during the second quarter, according to a company press release.

After the company's $1 billion debt issue in May, its outstanding debt was about 3.2x trailing adjusted EBITDA, below the target leverage of 3.5x, the release noted.

"Combined with our strong cash position of $652 million and undrawn revolving credit facility of $1.25 billion, we have tremendous flexibility to continue pursuing capital returns, debt repurchases and acquisitions," David Frear, SiriusXM's executive vice president and chief financial officer, said in the press release.

Sirius XM is a New York-based satellite radio provider.

© 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.