Sirius buys back $29.01 million 8¾% notes, $100.65 million 7 5/8% notes in open market

By Susanna Moon

Chicago, July 26 - Sirius XM Radio Inc. repurchased $29,013,000 of its 8¾% senior notes due 2015 and $100.65 million of its 7 5/8% senior notes due 2018 in the open market, according to a 10-Q filing with the Securities and Exchange Commission.

In 2013, the company issued $500 million principal amount of 4¼% senior notes due 2020 and $500 million principal amount of 4 5/8% senior notes due 2023.

The company said on July 25 that it repurchased about $130 million principal amount of its outstanding debt during the second quarter.

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, according to a previous press release.

"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 previous press release.

Sirius XM is a New York-based satellite radio provider.

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