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SiriusXM offers $500 million in two add-ons, both guided at 101; pricing Wednesday
By Paul A. Harris
Portland, Ore., Aug. 2 – SiriusXM plans to price $500 million of senior notes in two add-on tranches in a quick-to-market Wednesday transaction, according to market sources.
The Rule 144A and Regulation S deal includes a $250 million add-on to the 3 7/8% senior notes due 2022 and a $250 million add-on to the 5% notes due 2027.
Both tranches come with price talk of 101, a trader said.
J.P. Morgan Securities LLC is the lead.
The issuing entity will be subsidiary Sirius XM Radio Inc.
The New York-based radio broadcasting company intends to use the proceeds to redeem all of its 5¼% senior secured notes due 2022 and to pay down its revolving credit facility.
Both the 3 7/8% notes and the 5% notes were priced at par on June 26, 2016 in tranches sized at $750 million and $1.25 billion, respectively.
The 3 7/8% notes due 2022 were sold with three years of call protection. The 5% notes due 2027 were sold with five years of call protection.
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