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Sirius XM buys back $130 million outstanding debt in second quarter
By Susanna Moon
Chicago, July 25 - Sirius XM Radio Inc. repurchased about $130 million principal amount of its outstanding debt during the second quarter, according to a company press release.
After the company's $1 billion debt issue in May, its outstanding debt was about 3.2x trailing adjusted EBITDA, below the target leverage of 3.5x, the release noted.
"Combined with our strong cash position of $652 million and undrawn revolving credit facility of $1.25 billion, we have tremendous flexibility to continue pursuing capital returns, debt repurchases and acquisitions," David Frear, SiriusXM's executive vice president and chief financial officer, said in the press release.
Sirius XM is a New York-based satellite radio provider.
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