Sirius XM to price $2 billion two-part unsecured notes in Monday drive-by

By Paul A. Harris

Portland, Ore., Aug. 2 – Sirius XM Radio Inc. plans to price a $2 billion two-part offering of senior notes (current ratings Ba3/BB) in a Monday drive-by, according to market sources.

The Rule 144A and Regulation S for life deal features $750 million of five-year notes callable after two years at par plus 50% of the coupon, in the market with initial guidance in the mid-3% area.

It also includes $1.25 billion of 10-year notes callable after five years at par plus 50% of the coupon, with initial guidance in the low-4% area.

Citigroup Global Markets Inc. is at the left of a syndicate of deal managers that includes Barclays, BofA Securities Inc., J.P. Morgan Securities LLC, BMO Capital Markets Corp., BNP Paribas Securities Corp., Credit Agricole CIB, Goldman Sachs & Co. LLC, RBC Capital Markets Corp., Scotia Capital (USA) Inc., Truist, U.S. Bancorp Investments Inc., Morgan Stanley & Co. LLC, Mizuho Securities USA Inc. and Wells Fargo Securities LLC.

The New York-based broadcasting company plans to use the proceeds plus cash on hand to redeem all $1 billion of its 5 3/8% senior notes due 2026 and $1 billion of its $1.5 billion of outstanding 4 5/8% senior notes due 2024.

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