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SiriusXM gives call details for $1.1 billion of 4¼% notes, 5¾% notes
By Susanna Moon
Chicago, July 6 – SiriusXM said subsidiary Sirius XM Radio Inc. issued a call for its $500 million of 4¼% senior notes due 2020 and its $600 million of 5¾% senior notes due 2021.
SiriusXM will redeem the 4¼% notes at a price of 101.063% of par plus accrued interest through July 26, with payment to be made on July 27, according to an 8-K filing with the Securities and Exchange Commission.
The company will repay the 5¾% notes at 102.875% of par plus accrued interest through Aug. 3, with settlement following on Aug. 4.
The issuer said on June 26 that it planned to redeem the two series of notes using proceeds from the sale of new notes.
As reported, Sirius XM Radio priced an upsized $2 billion of senior notes in two tranches on June 26, consisting of $750 million of 3 7/8% five-year notes and $1.25 billion amount of 5% 10-year notes. The deal had been announced at $1.5 billion.
Sirius also plans to repay some of the $1 billion debt outstanding under its revolving credit facility and will use any remaining proceeds to supplement its cash on hand.
Sirius XM Holdings Inc. is a New York-based radio broadcaster.
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