Published on 6/8/2020 in the Prospect News High Yield Daily.
New Issue: Sirius XM prices upsized $1.5 billion 4 1/8% 10-year notes at par
By Paul A. Harris
Portland, Ore., June 8 – Sirius XM Radio Inc. priced an upsized $1.5 billion issue of 10-year senior notes (Ba3/BB) at par to yield 4 1/8% in a Monday drive-by, according to market sources.
Bookrunners were J.P. Morgan Securities LLC, Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, BofA Securities Inc., BNP Paribas Securities Corp., BMO Capital Markets Corp., Credit Agricole CIB, Mizuho Securities USA Inc., RBC Capital Markets LLC, Scotia Capital (USA) Inc., SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC.
The issue size increased from $1 billion.
The yield printed at the tight end of yield talk in the 4¼% area. Initial talk was 4¼% to 4½%.
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.
| Issuer: | Sirius XM Radio Inc.
|
| Amount: | $1.5 billion, increased from $1 billion
|
| Maturity: | July 1, 2030
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, BofA Securities Inc., BNP Paribas Securities Corp., BMO Capital Markets Corp., Credit Agricole CIB, Mizuho Securities USA Inc., RBC Capital Markets LLC, Scotia Capital (USA) Inc., SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC
|
| Coupon: | 4 1/8%
|
| Price: | Par
|
| Yield: | 4 1/8%
|
| Spread: | 325 bps
|
| Call protection: | Five years
|
| Trade date: | June 8
|
| Settlement date: | June 11
|
| Ratings: | Moody's: Ba3
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4¼% area
|
| Marketing: | Drive-by
|
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