SiriusXM To Retire $186 Million Of Debt
July 25, 2012 at 5:18 AM (PT)
SIRIUSXM RADIO, on SEPTEMBER 1st, will redeem all of its outstanding 9.75% Senior Secured Notes due 2015, at a redemption price of 104.875% plus accrued interest. As of JULY 25th, $186,112,000 of the 9.75% Senior Secured Notes due 2015 is outstanding.
"Our strong cash position and growing free cash flow profile have put us in a position to retire these notes three years ahead of their maturity, at the first available redemption date," said EVP/CFO DAVID FREAR. "The early retirement of these notes will reduce interest expense and eliminate the only remaining piece of secured debt on our balance sheet."