Sirius XM to price $1 billion 10-year notes in Monday drive-by; initial talk 4¼%-4½%

By Paul A. Harris

Portland, Ore., June 8 – Sirius XM Radio Inc. plans to price a $1 billion offering of 10-year senior notes (Ba3/BB) in a Monday drive-by, according to market sources.

Initial talk has the notes coming to yield 4¼% to 4½%, a trader said.

J.P. Morgan Securities LLC is managing the non-registered deal.

The notes come with five years of call protection.

The New York-based audio entertainment company plans to use the proceeds, together with cash on hand, to redeem all of its outstanding 5 3/8% senior notes due 2025 at 102.688.

© 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.