Sirius XM driving by with $500 million seven-year senior notes; pricing Thursday

By Paul A. Harris and Aleesia Forni

Virginia Beach, Va., May 2 - Sirius XM Radio Inc. plans to hit Thursday's market with a $500 million issue of seven-year senior notes (existing ratings B1/BB), according to a market source.

An investor call was scheduled for 11 a.m. ET.

J.P. Morgan Securities LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC, Barclays, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are the joint bookrunners.

BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., RBC Capital Markets LLC, RBS Securities Inc., SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC, U.S. Bancorp Investments Inc. and BMO Capital Markets are the co-managers for the Rule 144A and Regulation S for life deal.

The notes will be non-callable for three years.

Proceeds will be used for general corporate purposes, which may include share repurchases and potential debt refinancing.

The satellite radio broadcasting company is based in New York.

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