Sirius XM Retires Some Debt
April 28, 2010 at 2:23 PM (PT)
SIRIUS XM Radio announced that on June 1st, 2010, it will redeem all of its outstanding 10% Senior PIK Secured Notes due 2011 at a redemption price of 100% plus accrued interest. As of the redemption date, $113,685,000 of 10% Senior PIK Secured Notes due 2011 will be outstanding. XM issued the related notice of redemption to the trustee TODAY, who will notify noteholders of the details of the June 1st redemption.
"Our strong cash position, strong first-quarter subscriber growth and the improving outlook for the economy have put us in position to retire these notes a year ahead of schedule," SIRIUS XM EVP/CFO DAVID FREAR said. "The early retirement of these notes will reduce interest expense and increase our free cash flow."