SiriusXM Offering Of New Senior Notes Doubles To $1.5 Billion

Bond Sale Doubles

SIRIUSXM subsidiary SIRIUS XM RADIO INC., which earlier TUESDAY announced an offering $750 million of 4.625% Senior Notes due 2024 to qualified institutional buyers, followed up that announcement with another release saying that the offering was priced at double the initial amount, placing $1.5 billion in aggregate principal amount of the new notes.

The company will use the net proceeds from this offering, expected to close on or about JULY 2nd, along with cash on hand, to redeem all of its 6.00% Senior Notes due 2024, buying the notes back at a price of 103% of the principal amount plus interest.  SIRIUSXM recently placed $1 billion in notes to refinance part of its $1.750 million Senior Secured Revolving Credit Facility due 2023 (NET NEWS 6/5).

« see more Net News