SiriusXM Intends To Offer $500 Million Of Senior Notes Due 2020
May 2, 2013 at 6:01 AM (PT)
SIRIUSXM RADIO intends to offer $500 million of Senior Notes due 2020 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the United States in compliance with Regulation S of the Securities Act.
The company said it "intends to use the net proceeds from any such offering for general corporate purposes, which may include, from time to time and as market conditions warrant, share repurchases and the repurchase, redemption, defeasance, tender or repayment of our outstanding indebtedness, including any borrowings outstanding under our revolving credit facility. Pending application of these amounts as provided above, we currently expect to maintain any excess amount as cash on hand."