Sirius XM Radio to price $750 million 10-year notes on Wednesday

By Paul A. Harris

Portland, Ore., May 18 – Sirius XM Radio Inc. plans to price a $750 million offering of 10-year senior notes (expected Ba3/BB) on Wednesday following a late-morning conference call with investors, according to a market source.

J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC are the joint bookrunners for the Rule 144A for life offering.

The notes come with five years of call protection.

The New York-based radio company plans to use a portion of the proceeds to pay off its revolver, with the remaining proceeds to be used for general corporate purposes, which may include, from time to time, debt repayment, including any future revolver borrowings, dividends or loans to parent SiriusXM, to fund share repurchases of Sirius XM common stock and payment of the cash consideration for Sirius XM's recapitalization of Sirius XM Canada Holdings Inc.

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